The Federal Executive Council (FEC) has approved a $618 million loan from a consortium of financiers to procure six fighter jets and ammunition for the Nigerian Air Force. This announcement was made by the Minister of Information and National Orientation, Mohammed Idris, during a press briefing in Abuja following the FEC meeting, chaired by President Bola Tinubu, according to reports by Voice of Nigeria.
Additionally, the FEC approved N740 billion for the rehabilitation of the Berger section of the Abuja-Kano Road, along with other significant infrastructure projects. Idris, who represented the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed several other decisions made by the council, including contracts for the Nigerian Customs Service and agreements to prevent double taxation between Nigeria and Hong Kong, as well as Nigeria and Botswana.
Idris disclosed that the approved loan includes a credit facility of €443 million and an additional $141 million for the purchase of six M346 fighter jets and ammunition. Earlier in October, the Nigerian Air Force announced plans to acquire 24 M-346 combat aircraft and 10 AW109 Trekker helicopters as part of a fleet modernization strategy. The first batch of M346 jets is expected to arrive by early 2025, with deliveries continuing until mid-2026.
The FEC also approved the establishment of the Creative Economy Development Fund, aimed at supporting Nigeria's creative sector. The Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, explained that the fund will allow members of the creative industry to access financial resources, using their intellectual property (IP) as collateral. Musawa highlighted the importance of developing basic structures such as IP policies to help the sector reach its full potential. She further mentioned that Afreximbank has already committed $200 million to the fund, with additional support from other sources. The goal is to drive economic growth, cultural expansion, and job creation, particularly for young people.
