FEC Approves $1.5Billion Loan From World Bank, $80Million From AfDB

By Rita Elenwo

The Federal Executive Council FEC, on Monday approved a one point five billion dollars loan from the world bank .

It also approved another 80 million dollars loan from the African Development Bank. AfDB.
The loans, according to the Minister of Finance and Coordinating Minister of the economy , Wale Edun will improve the country’s financial standing .

Monday’s Federal Executive Council meeting is the second since Tinubu’s inauguration as President on May 29. It commenced after the swearing in of three more ministers, Jamila Bio Ibrahim, Balarabe Abbas and Ayodele Olawande .

Addressing journalists after the Executive Council meeting, the minister of Finance and Coordinating minister of the economy Wale Edun said it was necessary to borrow the sum of $1.5 billion from world bank and $80 million from AfDB because it is cheaper and consensual.

His counterpart in the ministry of budget and national planning , Aliyu Bagudu said the executive council directed the timely submission of the 2024 budget proposal not later than December this year

The Ministers of Trade Doris Uzoka-Anite, Labour Simon Lalong and that of Works Dave Umahi also briefed journalists on decisions reached as it concerns their ministries

The Federal Executive Council formally voted to hold its weekly meetings on Mondays instead of the traditional Wednesdays