FEC okays N1.267trn for 28 roads, bridges as FG secures ¥25bn Agric loan from JICA

The Federal Executive Council (FEC), has approved N1.267 trillion for the construction of 28 roads and bridges across the country.

Minister of Works, Dave Umahi, disclosed on Monday, while briefing State House correspondents at the end of the FEC meeting, chaired by President Bola Tinubu.

Meanwhile, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the federal government received ¥15 billion loan from the Japanese International Cooperation Agency (JICA) to support national agriculture projects.

He said the loan is payable for the period of 30 years, with 10 years moratorium at 10 percent interest rate.

The minister said the president has approved the establishment of an Economic Management (EM), Task Force to implement major measures aimed at growing the Nigerian economy, increase production and create jobs that would also reduce poverty.

Edun said the EM Task Force, are made up of selected members of the economic management team, the private sector and the representatives of the Nigerian Governors Forum, would deal with major issues of monetary and fiscal policy, while ensuring real sector growth.

The Task Force would be operational over the next six months and report directly to the President, while initiatives aimed at growing the economy would be rolled out, he added.

The minister also disclosed that the federal government, has officially ratified its membership of the European Bank for Reconstruction and Development (EBRD), through preliminary approval.