Federal Government approves N4.34tn financing for transport, agriculture, power, and other sectors

This decision followed a Federal Executive Council meeting chaired by President Bola Tinubu in Abuja. The approvals, stemming from 14 memos presented by the Ministry of Finance, include N215 billion for transport investments, $900 million approximately N1.24 trillion for agricultural and rural development, and $160 million approximately N220.6 billion from the Islamic Development Bank for solar energy in Niger State. Additionally, $1.2 billion approximately N1.65 trillion was approved for the Sokoto-Badagry Super Highway, and a combined $500 million approximately N689.5 billion and €200 million approximately N315.6 billion will be channeled through the Development Bank of Nigeria for Micro, Small, and Medium-sized Enterprise MSME financing.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, highlighted that the transport approvals ratify previous presidential decisions on CNG buses, electric vehicles, and conversion kits. He also addressed concerns about fuel pump prices, noting an ongoing process to tackle asymmetric pricing where operators are quick to raise prices but slow to lower them. Oyedele also stated that fuel products in Nigeria currently have no taxes due to presidential suspensions of VAT, excise, and surcharges, which has prevented even higher pump prices c