Oyedele Explains Purpose of Proposed $21.7bn Loan, Says States to Get $4.8bn
Taiwo Oyedele, Minister of Finance and Coordinating Minister for the Economy, has said the proposed $21.7 billion loan currently before the Senate for approval is intended to address Nigeria’s economic challenges.
Oyedele disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu.
Responding to public criticism of the proposed borrowing, the minister explained that $4.8 billion of the loan was allocated to state governments to support investments in infrastructure, agriculture and human capital development.
He noted that the funding was expected to help address critical development needs across the states while supporting broader efforts to strengthen the national economy.
Earlier at the FEC meeting, Oyedele presented a memorandum on the state of the economy, outlining the rationale behind the economic reforms introduced by the Tinubu administration. He organised his explanation around four key areas.
Editorial & Creative Correspondent
A storyteller and journalist passionate about telling stories for policy change and impact.
Add a Comment