The Federal Executive Council (FEC) has approved a loan totaling $664 million from international financiers to purchase fighter aircraft and ammunition for the Nigerian Air Force.
This was disclosed on Wednesday by Minister of Information and National Orientation, Mohammed Idris, after the FEC meeting presided over by President Bola Ahmed Tinubu.
The loan, €443.3 million and $141 million, will be used to procure six M346 fighter aircraft and accompanying ammunition.
According to Idris, “The first approval is for a credit facility of €443,330,781.49 and $141 million from financiers for the procurement of six units of M346 fighter aircraft and ammunition for the Nigerian Air Force.”
In addition to the loan approval, the FEC also approved a contract worth ₦44.2 billion for the Nigeria Customs Service to enhance operational efficiency. Other approvals included agreements to eliminate double taxation between Nigeria and Hong Kong, as well as Nigeria and Botswana.
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Furthermore, the FEC approved the establishment of the Creative Economy Development Fund to boost the creative sector and create job opportunities.
Minister of Arts, Culture, Tourism and Creative Economy, Hannatu Musawa, stated that the fund will provide financial support to the creative sector, allowing practitioners to use their intellectual property as collateral.
Musawa highlighted that the creative economy has been constrained by a lack of basic structures, particularly in IP policy.
Her ministry is collaborating with other ministries to finalize a comprehensive IP policy within two weeks.
“We already have a commitment from Afrexim Bank, which has pledged $200 million, along with contributions from other sources. This fund is designed to unlock the full potential of the creative sector, promoting economic and cultural expansion, as well as job creation, particularly for the younger demographic,” she said.
