FEC okays €443.3m, $141m loans to buy fighter jets, ammunition

FEC okays €443.3m, $141m loans to buy fighter jets, ammunition

The Federal Executive Council (FEC) approved credit facilities to improve the Nigerian Air Force’s capabilities, including €443 million and $141 million for the acquisition of fighter aircraft and ammunition.

The Minister of Information and National Orientation, Mohammed Idris, made the announcement on Wednesday after a meeting at the Presidential Villa in Abuja presided over by President Bola Tinubu.

Idris explained that the approval was requested by the Federal Ministry of Finance, which is currently represented by the Minister while on official duty in the United States.

In addition to the fighter aircraft procurement, the FEC also authorized several contracts totaling approximately N44.2 billion for the Nigeria Customs Service (NCS).

He highlighted key approvals made during the meeting, including a credit facility of €443,330,781.49 and $141 million for the purchase of six M346 fighter aircraft and ammunition for the Nigerian Air Force.

Approval was given for agreements aimed at eliminating double taxation and preventing tax evasion with the Hong Kong Special Administrative Region of China and the Republic of Botswana.

Additionally, the FEC approved N78.35 billion for the construction and rehabilitation of two water supply projects: the Buruku/Gboko Water Supply Project in Benue State and the Greater Dutse Water Supply Project in Jigawa State.

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Professor Joseph Utsev, the Minister of Water Resources and Sanitation, shared details about these projects, which will serve over 1.5 million people in Jigawa and 506,000 in Benue. Both projects will utilize solar energy systems to promote sustainability and reduce carbon emissions.

The Minister also addressed the government’s response to recent dam collapses, noting that a committee is assessing critical dams across the country to prevent future incidents. The assessment teams are currently working in various states to gather data and report their findings.

In an initiative for the creative sector, the FEC approved the establishment of a Creative Economy Development Fund.

Minister of Arts, Culture, Tourism and Creative Economy, Hannatu Musawa, reported that Afriexim Bank has committed $200 million to kickstart the fund.

This initiative aims to provide members of the creative industry access to funding, allowing them to leverage their intellectual property as collateral.

Musawa emphasized the importance of establishing basic structures to harness the potential of the creative economy, including the development of an Intellectual Property policy.

This policy is expected to be finalized soon in collaboration with the relevant ministries.

FEC okays €443.3m, $141m loans to buy fighter jets, ammunition