The federal executive council (FEC) has approved financing arrangements worth about $2.96 billion, €200 million, and N215 billion to support projects in transportation, agriculture, power, infrastructure, and micro, small, and medium enterprises (MSMEs).
Taiwo Oyedele, minister of finance and coordinating minister of the economy, spoke to journalists after the FEC meeting chaired by President Bola Tinubu on Monday.
The minister said the approvals were part of 14 memoranda presented by the ministry.
Oyedele said the council approved N215 billion to complete investments under the presidential compressed natural gas (CNG) initiative, including the procurement of CNG buses, electric vehicles, CNG-powered tricycles, and vehicle conversion centres.
“The first one is to do with transportation, how to bring the cost of transportation down,” the minister said.
On agriculture, Oyedele said the council approved financing arrangements totalling $900 million for rural technical and vocational training, special agro-industrial processing
