FEC authorises $1.5 billion World Bank loan

Two loans to strengthen the nation’s finances were approved by the Nigerian government during the Federal Executive Council (FEC) meeting on Monday.

First, the World Bank will lend $1.5 billion, and then the African Development Bank (AfDB) will lend $80 million.

These loans were requested because they are economical and consensual, according to Wale Edun, Minister of Finance and Coordinating Minister of the Economy.

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Three additional ministers, Jamila Bio Ibrahim, Balarabe Abbas, and Ayodele Olawande, were sworn in after the FEC meeting, which is the second since President Tinubu was inaugurated on May 29.

To improve Nigeria’s financial situation, Minister Edun underlined the necessity of borrowing from these organisations. The Minister of Budget and National Planning, Aliyu Bagudu, declared that the FEC has ordered the 2024 budget plan to be timely submitted by December of this year.

In addition, it was decided during the FEC meeting that the council’s weekly sessions would now take place on Mondays instead of the customary Wednesday.