FEC Approves $396 Million Loans for Northern IDPs and Sokoto Health Infrastructure Projects

The Federal Executive Council (FEC) has approved two major external loan facilities worth $396 million to support humanitarian and healthcare initiatives across northern Nigeria.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced the approvals after Thursday’s Council meeting presided over by President Bola Ahmed Tinubu at the Presidential Villa in Abuja.

According to Edun, the first loan facility — a $300 million World Bank credit — will fund programs for internally displaced persons (IDPs) and their host communities in several northern states.

The second approval covers a $96 million credit jointly provided by the Islamic Development Bank (IsDB) and the African Development Bank (AfDB). Out of this amount, $50 million comes from the IsDB and $46 million from the AfDB to support the Sokoto Health Infrastructure Project, while the Sokoto State Government will provide counterpart funding.

Edun emphasized that these initiatives align with President Tinubu’s Renewed Hope Agenda, which focuses on reducing regional inequality, strengthening healthcare systems, and rebuilding communities devastated by conflict and displacement.

Economic Recovery Driven by Reforms

The Finance Minister also briefed the Council on Nigeria’s economic performance, stating that recent reforms in fiscal and monetary policies have stimulated recovery and improved investor confidence.

He noted that market corrections, exchange rate stabilization, and fiscal discipline have helped restore balance and strengthen the economy.

According to Edun, recent data show that Nigerian households are beginning to experience greater affordability and reduced pressure on living costs. He revealed that citizens now spend about 50 percent of their income on essentials such as food, healthcare, and transportation, compared to over 90 percent previously.

“Affordability is improving, and the cost of living is gradually easing,” he said.

Digital Identity Milestone for Direct Social Support

Edun also highlighted the progress of Nigeria’s digital identity system, which now has over 125 million National Identification Numbers (NINs) issued by the National Identity Management Commission (NIMC).

He described this as a strategic advantage for the government’s social investment initiatives, allowing for direct financial support to verified citizens through biometric and digital platforms.

“This gives the government flexibility to reach Nigerians directly when necessary, using secure and transparent digital systems,” he explained.

Nigeria Now an Attractive Investment Destination

The Minister reaffirmed that ongoing reforms are positioning Nigeria as a stable and attractive investment hub in Africa. He noted increasing international interest in sectors such as aviation, infrastructure, and renewable energy.

“The global market is watching Nigeria closely. With transparency, discipline, and stability, the country is fast becoming a preferred destination for smart investments,” Edun added.