LAGOS – The Federal Executive Council (FEC) approved multi-billion-dollar financing packages totaling roughly $2.96 billion, €200 million, and ₦215 billion to stimulate critical sectors, including infrastructure, transportation, and small business credit.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the funding after Monday’s executive council meeting, which was presided over by President Bola Tinubu in Abuja.
Culled from 14 finance ministry memoranda, the funding targets five strategic pillars designed to boost domestic productivity, expand the national logistics network, and directly address rising local cost-of-living pressures.
The ₦215 billion package fully funds the Presidential Compressed Natural Gas initiative, driving down mass transit costs via local vehicle conversions, electric vehicles, and new gas-powered buses.
Large-scale infrastructure upgrades secured a $1.2 billion facility dedicated entirely to construction on Section Two of the Sokoto-Badagry Super Highway, a corridor spanning 11 states.
Agricultural interventions received a $900 million boost to finance Special Agro-Industrial Processing Zones, vocational training, and food value-chain projects to strengthen national food security.
To ease macroeconomic pressures on small businesses, the council channeled $500 million and €200 million through the Development Bank of Nigeria to provide affordable credit access.
Additionally, a $160 million energy facility, supported by the Islamic Development Bank, will expand clean, rural solar grids across underserved communities in Niger State.
This massive injection follows recent 2026 fiscal interventions, including a multi-billion-dollar urban rail project approval, aimed at modernizing regional transport hubs in Lagos, Kano, and Kaduna.
The administration also extended major tax suspensions on petroleum products, keeping domestic import duties, value-added tax, and local energy surcharges on hold to stabilize regional pump prices.
“For Council, we made very strategic decisions, which I have decided to categorize under five headings,” Minister Oyedele stated, emphasizes that supporting microenterprises helps grow the entire country.
