FEC approves $2.76 billion, €200 million financing for transportation, agriculture, MSMEs
The Federal Executive Council (FEC) has approved financing packages worth about $2.76 billion, €200 million and N215 billion to support transportation, agriculture, renewable energy, infrastructure and micro, small and medium-sized enterprises (MSMEs).
The Federal Executive Council (FEC) has approved financing packages worth about $2.76 billion, €200 million and N215 billion to support transportation, agriculture, renewable energy, infrastructure and micro, small and medium-sized enterprises (MSMEs).
The approvals were announced by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, after Monday’s FEC meeting chaired by President Bola Tinubu.
According to the minister, the Council considered 14 memoranda presented by the Ministry of Finance, with the approvals aimed at supporting the administration’s Renewed Hope Agenda through strategic investments across key sectors of the economy.
Oyedele said the financing approvals were grouped into five strategic areas designed to boost economic growth and productivity.
He added that the approved financing packages are expected to improve infrastructure, strengthen agricultural productivity, expand access to clean energy and improve access to affordable financing for small businesses.
The approved financing covers several priority sectors of the economy.
The approvals signal the Federal Government’s continued reliance on external and development financing to accelerate infrastructure delivery, strengthen agricultural productivity, expand renewable energy access and improve financing for small businesses.
In May, Nairametrics reported that FEC approved $2.99 billion for the Lagos Green Line, as well as rail projects in Kano and Kaduna, aimed at expanding Nigeria’s urban rail infrastructure.
The Council said the $2.99 billion rail projects are linked to the federal government’s capital expenditure plans for 2025 and 2026.
In September 2025, the Minister of Information and National Orientation, Mohammed Idris, disclosed that about N250 billion had been secured for rail development in Kaduna and Kano, with N150 billion allocated to Kano and N100 billion to Kaduna.
