The Federal Executive Council (FEC) has approved a $1.2 billion financing facility for Section Two of the Sokoto–Badagry Super Highway as part of the Tinubu administration’s infrastructure development programme.
The council also approved a $160 million facility for solar energy projects in Niger State, to be financed by the Islamic Development Bank and the Niger State Government.
The Minister of Finance, Taiwo Oyedele, disclosed this while briefing State House correspondents after Monday’s FEC meeting.
He said the approvals formed part of 14 memoranda presented by the Ministry of Finance to the council.
The minister said the $160 million solar energy facility comprises $150 million from the Islamic Development Bank and $10 million as counterpart funding from the Niger State Government.
He said the project is aimed at expanding access to rural electricity through solar energy.
Edun also said the council approved the $1.2 billion financing facility for Section Two of the Sokoto–Badagry Super Highway in Kebbi State, describing the project as critical to improving connectivity and boosting economic activities across the 11 states along the corridor.
“One of the memos approved by the council was the financing facility of about $1.2 billion for Section Two of the Sokoto–Badagry Super Highway in Kebbi State,” he said.
The minister further disclosed that the FEC approved N215 billion to complete ongoing investments under the Presidential Compressed Natural Gas (CNG) Initiative.
He said the funds would be used to procure CNG buses, electric vehicles, CNG-powered tricycles and establish additional vehicle conversion centres.
“This is aimed at reducing the cost of transportation for Nigerians,” he said.