FEC approves $396m loans for northern IDPs, Sokoto health project

The Federal Executive Council, FEC, has approved two external loan facilities worth $396 million to fund humanitarian and health projects in northern Nigeria.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this to State House correspondents after Thursday’s FEC meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.

According to him, the first facility is a $300 million credit from the World Bank to support internally displaced persons (IDPs) and host communities across several northern states.

The second loan, totalling $96 million, will be jointly financed by the Islamic Development Bank (IsDB) and the African Development Bank, AfDB, with $50 million and $46 million contributions, respectively, for the Sokoto Health Infrastructure Project. The Sokoto State Government is also expected to provide counterpart funding.

Edun said the loans are aimed at rebuilding communities affected by conflict and strengthening healthcare delivery in the region.