The Federal Executive Council (FEC), on Thursday, approved a total of $300 million for host communities and internally displaced persons in the North.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, stated this while briefing State House Journalists after the meeting of the Federal Executive Council (FEC) presided over by President Bola Tinubu.
This is just as FEC also granted approval of the credit from the Islamic Development Bank and the African Development Bank for a total of $46 million and $50 million from the African Development Bank and the Islamic Development Bank, respectively for the Sokoto health infrastructure project, which Sokoto Government is also going to be a counterpart financier of the all important health project.
The minister had earlier briefed the cabinet members on the performance of the economy in the second quarter, where he reported that the economy was well and truly turned around in terms of growth.
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According to him, the “growth was accelerating”.
He noted that over 4.2% as we know, inflation down to 18%, adding that ” I trace the trajectory from correction of market distortions and putting in place market pricing in key areas, key metrics and key prices, as you all know and that these have been followed by stabilization the exchange rate, inflation coming down, reserves going up, and, of course, the economy rebounding in terms of growth.
“I pointed out that when we look at the critical spending that people do, health, transport, food, they are spending about 50% of the income compared to 90% before.
He reiterated that the cost of living is inching downwards. “Nigeria has exited the Financial Action Task Force realist. So we have come from outside what is recognized as global best practice in anti fighting, anti fighting, money laundering and fighting, fighting terrorism financing.
“We are now back in the mainstream. We’re now pursuing transparent, well recognized best practices in these important areas of financial management and transparency and so forth and so that is a big step that boosts investors confidence, allows them there are some that, when you’re on the real list, they cannot come near you. So it allows ease of transactions, more efficiency in transactions, lower cost of transactions”.
