Edun disclosed this after the FEC meeting presided over by President Bola Tinubu. The council also approved an inherited loan processing involving $100 million from AfDB and $15 million from the Canada-African Development Bank Climate Fund for Abia State’s waste management and road rehabilitation projects in Umuahia and Aba.

He said “at the same time, I would like to give a summary of the memos that I had approved at Council today and of course, they were all to do with financing.

“First of all, there was an inherited financing, an inherited loan processing, which was to do with the $100 million financing from African Development Bank and $15 million from the Canada-African Development Bank Climate Fund.

“Essentially, it was processed before this administration came in and, so it has been inherited. Essentially, it is concessional borrowing, around for 4.2% per annum by Abia State, through the federal government.

“So, the funds are to be lent to Abia State and they are for waste management and rehabilitation of roads in Umuahia and Aba, in particular. That was approved.

“Second, there was financing of $1 billion, concessional financing, 25 years, eight years moratorium at about the same for 4.2% per annum, which was approved by the African Development Bank for this administration and really, it was in recognition of the macroeconomic measures that have been taken, the swift movement towards macro stability, restoring revenue, improving the foreign exchange situation, and so forth, that have been taken by this government.

“The reward, as far as the African Development Bank, a concessional financing organization, was to provide $1 billion in general budget support

To optimize market opportunities and enhance financial flexibility, the Federal Executive Council approved a total limit of N2 trillion for the Ministry of Finance.

This allocation aims to facilitate strategic market movements, potentially reducing debt servicing costs by around N50 billion through debt refinancing with more favorable terms.

The government’s commitment to financial prudence and sustainable economic growth is reflected in these measures.

Additionally, the Presidential Fiscal Policy and Tax Reforms committee, headed by Taiwo Oyedele, briefed the Council on its recent report, proposing the removal of VAT on diesel to stimulate revenue growth. The committee has positively impacted the economy, boosting the fiscal position and increasing tax revenue to GDP to 18%.

The Attorney General of the Federation, Lateef Fagbemi, presented a memo seeking approval for the draft national report for the fourth cycle of the United Nations Universal Periodic Review.

The report, compiled after extensive engagement with stakeholders, reflects Nigeria’s commitment to transparency and accountability on the international stage, addressing human rights matters proactively.