…FG secures ¥15bn JICA loan to support agriculture
By Abdullahi Mohammed, Abuja
The Federal Executive Council (FEC) Monday approved N1.267 trillion for the construction of 28 roads and bridges roads across the country.
Minister of Works Mr Dave Umahi said this while briefing State House correspondents at the end of the FEC meeting chaired by President Bola Ahmed Tinubu.
Also speaking, the Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun said the federal government has received ¥15 billion from the Japanese International Cooperation Agency (JICA) to support national agriculture projects.
He said the loan is payable for the period of 30 years with 10 years moratorium at 10 percent interest rate.
The minister said the President has approved the establishment of an Economic Management Task Force to implement major measures aimed at growing the Nigerian economy, increase production and create jobs that would also reduce poverty.
He said the EMT Task Force, made up of selected members of the economic management team, the private sector and the representatives of the Nigerian Governors Forum, would deal with major issues of monetary and fiscal policy while ensuring real sector growth.
He said the EMT Task Force would be operational over the next six months and report directly to the President while initiatives aimed at growing the economy would be rolled out.
The minister said the federal government has officially ratified its membership of the European Bank for Reconstruction and Development (EBRD) through preliminary approval.
He said the preliminary approval would enable the country use infrastructure as a multiplier to grow the nation’s economy.
He said Nigeria’s membership of the EBRD would help the country reduce logistics cost on transportation and infrastructure, and maximize investment.
The Minister of Information and National Orientation Mr Mohammed Idris said the President has directed cabinet members to work on his key policy initiatives.
He said the President directed all ministers and relevant government officials to “fast track” implementation of consumer credit student loan programmes and other social security measures for the benefit of Nigerians.
“There was a directive by Mr. President to ministers and other relevant government officials to ensure that the issue of consumer credit student loans, other social security programmes…initiated by Mr. President and already being implemented be fast-tracked for the benefit of Nigerians,” he said.
The Minister of Youth Ms Jamila Ibrahim said council approved restructured and institutionalization of Nigerian Youth Investment Fund through a legal framework.
She said the fund, initially established in 2020 and set at ₦75 billion, would now receive ₦25 billion from the 2023 Supplementary Appropriation Act and an additional ₦25 billion from the 2024 Appropriation Act.
She said ₦60 billion would be released from the Central Bank of Nigeria’s SME Investment Fund, focusing on agricultural investments. She said the m measures were aimed at supporting young businesses and stimulating economic growth.
Also speaking, the Minister of State Health and Social Welfare Mr Tunji Alausa said the council also approved the report of a basic healthcare provision for sector sector-wide approach launched on December 2023 by the President.
He said the President had signed a compact agreement with the governors of the 36 states of the federation which has one percent of the consolidated revenue going into it.