The Federal Executive Council (FEC) granted approval on Wednesday for the government to secure credit facilities to acquire fighter aircraft and ammunition for the Nigerian Air Force. This decision, announced by Minister of Information and National Orientation, Mohammed Idris, aims to enhance the country’s defense capabilities. The Council also endorsed the establishment of the Creative Economy Fund to support economic growth and job creation in the creative sector.
During the briefing, Minister Idris highlighted other FEC approvals, including contracts for the Nigerian Customs Service and agreements for the prevention of double taxation with China and Botswana. The Ministry of Finance secured credit facilities totaling over 443 million euros and 141 million US dollars for the procurement of fighter aircraft.
Furthermore, Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, outlined plans for the Creative Economy Development Fund, aiming to provide funding and support for the creative industry. The initiative seeks to leverage funding from various sources to promote economic and cultural growth while creating job opportunities for the youth.