Abuja: The Federal Executive Council (FEC) has approved a $300 million World Bank credit to support internally displaced persons (IDPs) and host communities across several Northern states. The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, disclosed this while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
According to News Agency of Nigeria, Edun stated that the council also approved two additional credit facilities: $50 million from the African Development Bank (AfDB) and $46 million from the Islamic Development Bank (IsDB) for the Sokoto Health Infrastructure Project. The Sokoto State Government is expected to provide counterpart funding for the health initiative.
“The approvals are for a World Bank credit of $300 million for IDPs and host communities, and $96 million combined from AfDB and IsDB for the Sokoto Health Infrastructure Project,” he said.
Edun further mentioned that President Bola Tinubu directed him to brief the council on the state of the economy, highlighting positive indicators of recovery and investor confidence. “As of the second quarter, the economy was on a solid growth trajectory, with GDP growth accelerating to over 4.2 percent. Inflation has come down to 18 percent, reserves are rising, and the exchange rate has stabilized,” Edun explained.
He noted that government reforms had improved market efficiency and reduced the cost of living, with people now spending about 50 percent of their income on essentials like food, health, and transport compared to 90 percent before. “Affordability is improving,” he remarked.
Edun also cited Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list as a milestone achievement, stating that it enhances investor confidence, lowers transaction costs, and attracts capital. He highlighted the successful $2 billion Eurobond issuance as evidence of market confidence in Nigeria’s reforms, with investors responding positively despite recent political challenges.
The minister emphasized that the administration’s economic diplomacy efforts were yielding tangible investor interest, particularly in the aviation, energy, and infrastructure sectors, positioning Nigeria as a stable and attractive investment destination.
Edun also pointed out progress in Nigeria’s digital identification system, noting that the National Identity Management Commission (NIMC) had issued National Identification Numbers (NINs) to 125 million Nigerians, enabling the government to directly reach and support vulnerable citizens through targeted cash transfers and social interventions.
He concluded that these institutional reforms had strengthened Nigeria’s resilience and positioned the country for sustainable, inclusive growth.