The Federal Executive Council (FEC), on Wednesday, approved the government’s decision to secure credit facilities from international financiers to support the procurement of fighter aircraft and ammunition for the Nigerian Air Force. This was announced by the Minister of Information and National Orientation, Mohammed Idris, during a briefing with State House correspondents following a cabinet meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
The government aims to obtain 443.3 million euros and 141 million US dollars in credit facilities for the acquisition of six M346 fighter aircraft and associated ammunition.
Additionally, the FEC approved the establishment of a Creative Economy Fund aimed at stimulating job creation and supporting the development of Nigeria’s creative sector.
Idris also provided updates on other key decisions:
- Contracts worth N44.2 billion were approved for the Nigeria Customs Service (NCS), covering the construction of residential accommodations and the procurement of operational vehicles to enhance the service’s efficiency.
- Agreements were signed to eliminate double taxation and prevent tax evasion between Nigeria and both Hong Kong and Botswana.
These measures reflect the government’s commitment to strengthening the defense sector and promoting economic growth through strategic investments.