Federal Executive Council (FEC) has approved a financing package worth $2.9 billion and N215 billion for major infrastructure, agriculture and power sector projects across Nigeria.
Gatekeepers News reports that the approvals were granted during Monday’s council meeting chaired by President Bola Tinubu.
Among the key projects approved is the rehabilitation and expansion of critical transport infrastructure, including road and rail developments aimed at improving connectivity and boosting economic activities. The government said the investments are expected to enhance the movement of goods and people across the country.
FEC also approved funding for agricultural initiatives designed to strengthen food production, support farmers and improve agricultural value chains. Officials said the projects form part of the administration’s efforts to enhance food security and reduce the impact of rising food costs.
In the power sector, the council endorsed funding for electricity transmission and distribution projects intended to improve grid reliability and expand access to power. The government said the investments would help address longstanding challenges in the sector and support industrial growth.
According to the Minister of Information and National Orientation, Mohammed Idris, the approvals cover a mix of external and domestic financing arrangements for projects considered critical to national development. He said the investments align with the administration’s economic growth and infrastructure agenda.
The approved projects are expected to be implemented by relevant ministries and agencies, with the federal government expressing confidence that they will stimulate economic activity, create jobs and improve public services across the country.
