FG secures $396m in development credits for northern IDPs, Sokoto health infrastructure

By Kunle Sanni –

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the Federal Executive Council (FEC) has approved two major credit facilities totaling $396 million to support humanitarian and health infrastructure projects in northern Nigeria.

Speaking after the FEC meeting presided over by President Bola Ahmed Tinubu at the Presidential Villa, Abuja, Edun said the first memo he presented sought approval for a $300 million World Bank credit to assist internally displaced persons (IDPs) and host communities across several northern states.

“The facility is aimed at supporting displaced families and rebuilding affected communities in the North,” Edun explained.

The second memo, he said, was for the approval of credit facilities worth $96 million — comprising $50 million from the Islamic Development Bank and $46 million from the African Development Bank (AfDB) — to fund the Sokoto Health Infrastructure Project. The Sokoto State Government, he added, will serve as a counterpart financier for the project.

“These are very important interventions that will enhance healthcare delivery and support vulnerable populations,” the minister stated.

Beyond the approvals, Edun said he was directed by President Tinubu to brief the council on the state of the economy. He reported that Nigeria’s economy has shown signs of a strong turnaround, with GDP growth accelerating to 4.2% in the second quarter and inflation moderating to 18%.

He credited the progress to government reforms that corrected market distortions, stabilized the exchange rate, and boosted foreign reserves.

According to him, household affordability has also improved, with Nigerians now spending “about 50% of their income on essentials like food, transport, and health, compared to 90% previously.”

Edun also highlighted Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list, describing it as a milestone that enhances transparency, reduces transaction costs, and strengthens investor confidence.