The Federal Executive Council (FEC) has approved financing packages worth billions of dollars and naira.
The funds are targeted at transportation, agriculture, power, infrastructure, and micro, small and medium-sized enterprises.
The approval was announced by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, while briefing State House Correspondents after the FEC meeting presided over by President Bola Tinubu in Abuja on Monday, June 29, 2026.
Oyedele disclosed that FEC considered 14 memoranda presented by the Finance Ministry during the meeting.
The minister grouped the decisions into five strategic areas supporting the administration’s Renewed Hope Agenda, saying: “We made very strategic decisions, which I have categorised under five headings.”
Oyedele explained that the areas covered transportation, agriculture, power, infrastructure and support for small businesses.
Oyedele said the measures were designed to stimulate economic growth and improve national productivity.
The minister revealed that FEC approved N215 billion for completing investments under the Presidential Compressed Natural Gas Initiative.
He said the funds will support buses, electric vehicles, tricycles, and CNG conversion centres across Nigeria.
“The first approval focuses on transportation and how to reduce its cost,” Oyedele said, adding that the investment would complete remaining projects under the CNG initiative.
The minister also announced $900 million financing arrangements for agricultural development nationwide.
According to him, the funds will support rural technical training and Special Agro-Industrial Processing Zones. It will also strengthen agricultural value chains, processing capacity and value addition.
Oyedele noted that the facility would improve agricultural productivity and support farmers.
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Oyedele disclosed that FEC also approved a $160 million financing package for rural solar development projects.
The minister said the facility comprises $150 million from the Islamic Development Bank and $10 million counterpart funding.
He stated that counterpart contribution will come from Niger to support renewable energy projects in the state.
“This facility will expand access to renewable energy in underserved communities,” Oyedele said.
The minister revealed that FEC approved a $1.2 billion financing facility for the Sokoto–Badagry Super Highway, saying the funds would support Section-2 of the major infrastructure project.
Oyedele, who said the highway would improve connectivity, logistics and economic activities, described the corridor as a strategic project covering 11 states across Nigeria.
The minister said the road project would unlock economic opportunities and strengthen national integration.
He stated that FEC equally approved €200 million and $500 million financing through the Development Bank of Nigeria, saying funds would provide affordable credit for micro, small and medium-sized enterprises.
“We must continue to support small businesses because supporting them is supporting ourselves,” Oyedele said, adding that the financing would improve MSMEs’ access to affordable credit.
The minister said the approved packages reflected government’s commitment to expanding investments.
He noted that the initiatives would create opportunities and support sustainable economic growth.
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