President Bola Tinubu has approved the conduct of the Federal Executive Council (FEC) weekly meeting to be held every Monday.
The Minister of Information and National Orientation, Mohammed Idris, disclosed this to State House correspondents after the FEC meeting presided over by Tinubu in Abuja on Monday, October 16, 2023.
The FEC meeting which is presided over by the president and attended by cabinet members is always held every Wednesday.
The minister said Tinubu approved Mondays for the holding of the weekly FEC meeting instead of the Wednesdays adopted by the previous administrations.
“This does not, however, mean that it will hold every week. If there is any need to postpone it, that will be done and pending matters will be forwarded to the next Monday,” Idris said.
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Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the meeting approved the application for financing from the World Bank’s International Development Association (IDA).
Edun stated that the country was able to access $1.5 billion from the IDA, which is the virtually free or zero-interest lending arm or financing arm of the World Bank.
He said: “Nigeria has been able to make the kind of macro-economic moves to take the tough decisions to restore balance in the economy in the government’s finances that has warranted support.
“This had engendered support from the multilateral development banks.
“It is on this basis that the World Bank is willing to consider and to process on our behalf $1.5 billion of concessional financing, relatively cheap financing, and financing that will be dispersed relatively quickly.”
Edun disclosed that another $80 million financing from the African Development Bank was approved by the FEC for the Ekiti Knowledge Zone (EKZ) project aimed at empowering the youths in the sector of Knowledge Economy through technology and communications.
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