The Federal Executive Council (FEC) has approved credit facilities for acquiring fighter aircraft and ammunition for the Nigerian Air Force.
The announcement was made by the Minister of Information and National Orientation, Mohammed Idris, after a meeting chaired by President Bola Tinubu at the Presidential Villa.
Standing in for the Minister of Finance, Wale Edun, who is on official duty in the U.S., Idris revealed that the government had approved a credit facility of €443.3 million and $141 million for the purchase of six M346 fighter jets and ammunition. He also disclosed that the Council approved several contracts for the Nigerian Customs Service, along with a double taxation agreement with Hong Kong and Botswana.
In a separate development, the Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, announced the creation of the Creative Economy Development Fund. This fund will enable members of the creative sector to access financial support using their intellectual property (IP) as collateral. Musawa also mentioned that Afrexim Bank has committed $200 million to support the initiative, aimed at expanding Nigeria’s creative economy, fostering cultural growth, and creating jobs, particularly for the youth.
Musawa added that structural reforms are underway, with a new IP policy expected to be delivered within the next two weeks.
