The second meeting of the Federal Executive Council (FEC) was held today at the Council Chambers of the Presidential Villa in Abuja. During the meeting, the members discussed the economy and the agreement reached earlier this month between the government and the labor unions to prevent an industrial action. According to the Minister of Information and National Orientation, Mohammed Idris, who addressed State House correspondents after the meeting, these issues were significant to the current realities and expectations of Nigerians under the Tinubu-led administration and were also hinged on the Renewed Hope Agenda.
Idris mentioned that the issues raised at the meeting included the economy, road infrastructure around the country, a memo about the agreement reached between the government and the labor unions, as well as the revitalization of the export processing zone. It was earlier reported by Naijalog that the meeting would be held on Mondays instead of the Wednesdays adopted by the previous administrations. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that the meeting approved the application for financing from the World Bank’s International Development Association (IDA). Nigeria 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.
Edun said that Nigeria had made the kind of macroeconomic moves to take the tough decisions to restore balance in the economy and in the government’s finances that had warranted support. This had engendered support from the multilateral development banks, and it is on this basis that the World Bank is willing to consider and process on our behalf $1.5 billion of concessional financing, relatively cheap financing, and financing that will be disbursed relatively quickly.
Additionally, FEC approved another $80 million in financing from the African Development Bank for the Ekiti Knowledge Zone (EKZ) project aimed at empowering youths in the sector of knowledge economy through technology and communications generally. This is to support young people and their quest to use technology to be employed, trained, and benefit from being part of the knowledge economy.
The Minister of Labor and Employment, Simon Lalong, while addressing State House correspondents, said that FEC gave approval for the agreement between labor and the government during the October 2 meeting. Presidential approval was given after analyzing the agreement to provide for industrial harmony. Similarly, the 30-day implementation timeline agreed on was also approved by FEC.
The Second FEC Meeting’s Minutes Have Been Released
