In the second Federal Executive Council (FEC) meeting, Nigeria's Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made an important announcement regarding the country's economic developmenDuring the second Federal Executive Council (FEC) meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that President Bola Tinubu's administration had secured a $1.5 billion zero-interest loan from the World Bank. This information was disclosed to State House Correspondents after the FEC meeting in Abuja on Monday.

Mr. Edun explained that the FEC meeting had approved the application for financing from the World Bank's International Development Association (IDA). Nigeria was able to access $1.5 billion from the IDA, which is the virtually free or zero-interest lending arm of the World Bank. He emphasized that Nigeria's macroeconomic decisions and efforts to restore balance in the economy and government finances had garnered support from multilateral development banks. As a result, the World Bank was willing to consider and process $1.5 billion of concessional financing, which would be relatively cheap and quickly dispersed.

In addition to the World Bank loan, the FEC also approved $80 million in financing from the African Development Bank for the Ekiti Knowledge Zone (EKZ) project. This project aims to empower youths in the knowledge economy sector through technology and communications. The funding will support young people in their pursuit of employment, training, and participation in the knowledge economy, which is an increasingly significant part of Nigeria's economy.

During the briefing, the Minister of Labour and Employment, Simon Lalong, mentioned that the FEC had given approval for the agreement between labor and the government, which was reached during the October 2 meeting. Presidential approval was granted after analyzing the agreement to ensure industrial harmony. The FEC also approved the 30-day implementation timeline agreed upon during the negotiations.t.

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