The Federal Executive Council, FEC, has approved a $618 million loan from international financiers for the procurement of six M346 fighter jets and ammunition for the Nigerian Air Force, part of a broader strategy to enhance national defense.
Minister of Information, Mohammed Idris, made this announcement after the FEC meeting presided over by President Bola Tinubu.
In addition to defense, the FEC approved ₦740 billion for road infrastructure, specifically for the Berger section of the Abuja-Kano route. The Minister of Works, Dave Umahi, detailed several other major road projects, including the rehabilitation of the Shagamu-Benin road and the reconstruction of the Sokoto-Badagry route.
Idris also disclosed that the FEC had greenlit agreements aimed at preventing double taxation with Hong Kong and Botswana to enhance Nigeria’s global trade partnerships.
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Meanwhile, Minister of Arts, Culture, and Creative Economy, Hannatu Musawa, disclosed the establishment of the Creative Economy Fund. The fund will allow members of Nigeria’s creative sector to access financing, using intellectual property as collateral, to support the growth of the industry. Musawa noted the involvement of international partners like Afreximbank, which has pledged $200 million in support.
In the petroleum sector, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, confirmed the government’s commitment to expanding the use of Compressed Natural Gas, CNG, across the country. Plans include converting fuel stations to CNG stations and making conversion kits available to Nigerians, as CNG offers a cheaper and environmentally friendlier alternative to traditional fuel.
Additionally, the council approved the printing of one million science textbooks for secondary schools nationwide to support STEM education. The initiative, proposed by the Petroleum Technology Development Fund, will target areas such as physics, chemistry, and mathematics to bridge the gap in technological development and prepare Nigerian students for future advancements.
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