The Federal Executive Council (FEC) meeting presided over by President Bola Tinubu has approved N1.267 trillion for the construction of 28 roads and bridges across the country.
Minister of Works, Dave Umahi, made this disclosure while briefing State House Correspondents at the end of the meeting.
The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, on his part, said the Federal Government has received ¥15 billion from the Japanese International Cooperation Agency to support the nation’s national agricultural scheme project.
He explained that the loan was payable for a period of 30 years with 10 years moratorium at 10 percent interest rate, adding that the bilateral support would not place any form of strain on Nigeria financially.
Edun further disclosed that he informed the council about President Tinubu’s approval of a request to set up an economic management task force that will implement major measures aimed at growing the Nigerian economy, increase production and create jobs.
He said for the next six months, the task force made up of selected members of the economic management team, the private sector, as well as the representatives of the Nigerian Governors Forum, would work to deal with major issues of monetary and fiscal policy, while ensuring real sector growth.
The Minister added that the 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 of Finance also disclosed that the federal government has officially ratified its membership of the European Bank for Reconstruction and Development (EBRD), through preliminary approval. He said this would further enable the country use infrastructure as a multiplier to grow the nation’s economy.
Edun added that Nigeria’s membership of the EBRD would help the country reduce logistics cost on transportation and infrastructure, hence maximising investment.
Minister of Information and National Orientation, Mohammed Idris, said President Tinubu has directed his cabinet to work on his key policy initiatives.
According to him, 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,” Idris stated.
Minister of Youth, Jamila Ibrahim, said council approved restructured and institutionalisation of Nigerian Youth Investment Fund through a legal framework.
She said the Fund, initially established in 2020, and set at N75 billion, would now receive N25 billion from the 2023 Supplementary Appropriation Act, and an additional N25 billion from the 2024 Appropriation Act.
According to her, additionally, N60 billion would be released from the Central Bank of Nigeria’s SME Investment Fund, focusing on agricultural investments. These measures, she said, are aimed at supporting young businesses and stimulating economic growth.
The Minister of State Health and Social Welfare, Tunji Alausa, on his part, said council approved the report of a basic healthcare provision for sector-wide approach, launched on December 2023 by President Tinubu.
He said President Tinubu had signed the compact agreement with the 36 state governors, which has one percent of the consolidated revenue going into it.
FEC also approved the institutionalisation of 10 per cent youth quota in all government appointments and an equitable young women representation.
Dr. Jamila Ibrahim, minister of youths, disclosed this at the end of the 4th FEC meeting, on Monday in Abuja.
She said that council also approved the restructure of the Nigerian Youth Investment Fund and the revamping of the Youth Investment Fund.
The minister said that the quota would encourage young people to participate in decision making processes and in civic engagements.
“This will in turn lead to young people’s contributing tremendously to national development agenda.
“I’m also pleased to announce the second council approval to restructure and institutionalise the Nigerian Youth Investment Fund.
“This is a fund that was approved in 2020 and on assumption of Office of this administration, we commissioned a technical committee to review this fund and restructure it with the aim of institutionalising it through a legal framework, which will lead to the establishment of the Nigerian Youth Fund.
“We have secured council approval for the immediate release of N25 billion from the 2023 supplementary Appropriation Act and an additional N25 billion from the 2024 Appropriation Act under the Youth Development Fund for Development provision in the budget.
“We also received an additional approval from council for a N60 billion release from the Central Bank of Nigeria through the agric. investment of small medium enterprises,” she said.
Ibrahim said that these schemes would support young businesses and bring a lot of succour to young persons in the country.
She said that the commencement of the schemes would be done with collaboration from relevant agencies like agriculture and food security, creative economy as well as state governments among others.
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