FEC okays $396m credit for IDPs, Sokoto health project

The Federal Executive Council (FEC) has approved a World Bank credit facility of $300 million for the Internally Displaced Persons (IDPs) and their host communities across the Northern part of the country. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun on Thursday. Edun, who addressed State House […]

The Federal Executive Council (FEC) has approved a World Bank credit facility of $300 million for the Internally Displaced Persons (IDPs) and their host communities across the Northern part of the country.

This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun on Thursday.

Edun, who addressed State House correspondents after the federal cabinet meeting at Presidential Villa, also said another $96m dollars facility was also approved by FEC from the Islamic Development Bank and the African Development Bank for a health infrastructure project in Sokoto State.

He also argued that the loan was as a result of the confidence that the international community and development partners have in the country because of the growing economy.

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The minister said, “Today, at the Federal Executive Council, I just had two memos. One was to get the approval of FEC for a World Bank credit of $300m for the Internally Displaced Persons and the host communities in various states in the North.

“The second one was the approval of the credit from the Islamic Development Bank and the African Development Bank for a total of $46m and $50m respectively, for the Sokoto Health Infrastructure Project.”

Edun also announced that the Sokoto State government was willing to be a “counterpart financier of the all-important health project.”

The minister stressed that earlier, the president had asked him to brief the FEC regarding the current situation of the economy, adding that the briefing focused on the fact that as of the second quarter, the economy was well and truly turned around in terms of economic growth.

“The growth was accelerating. It was over 4.2 percent, as we know, inflation down from 2 percent and so you have to look – and I traced the trajectory from correction of market distortions and putting in place market pricing in key areas, key metrics and key prices, as you all know.”

He explained that even with the recent situation with the United States of America, the president is focused on the economy and working to restore investors’ confidence.