The Federal Executive Council (FEC) has approved a $2.2 billion financing program to support the Federal Government’s external borrowing plan.
This was announced by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, following Wednesday’s FEC meeting in Abuja.
Edun described the approval as a crucial part of the government’s strategy to secure the necessary funding to meet its financial obligations and support economic recovery efforts. “I had the privilege of presenting two memoranda to the Federal Executive Council.
The first was to complete the federal government’s external borrowing program with the approval of a $2.2 billion financing package,” Edun said.
The financing package will include access to the international capital markets, with plans to issue Eurobonds and Sukuk bonds.
The Minister noted that the next step is to submit the borrowing plan to the National Assembly for approval. Once approved, the government intends to execute the borrowing as soon as possible, with plans to finalize the process within the year.
