The Federal Executive Council (FEC) has granted the Nigerian government permission to secure credit facilities for the procurement of fighter jets and ammunition for the Nigerian Air Force. This was announced by Mohammed Idris, the Minister of Information and National Orientation, after a Council meeting chaired by President Bola Tinubu at the State House in Abuja. Additionally, the Council has approved the establishment of the Creative Economy Fund aimed at enhancing the sector and generating job opportunities.

Idris, who stood in for the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared details about several contract approvals, including seven contracts for the Nigerian Customs Service (NCS). He stated, “We’ve also approved an agreement to eliminate double taxation regarding income taxes and prevent tax evasion and avoidance between Nigeria and the Hong Kong Special Administrative Region of China.”

He further revealed, “An approval has been granted for a credit facility of €443,330,781.49 and $141 million from a group of financiers for the procurement of six units of M346 fighter aircraft and related ammunition for the Nigerian Air Force.” The final approval mentioned was for an agreement aimed at eliminating double taxation between Nigeria and Botswana.

During the briefing, Hannatu Musawa, the Minister of Art, Culture, Tourism, and Creative Economy, informed reporters about the approval for the Creative Economy Development Fund. This fund will serve as a special initiative to provide members of the creative economy access to funding, utilizing intellectual property as collateral for monetization.

Musawa emphasized, “We recognized early on that the foundational structures necessary to fully harness the potential of the creative economy were absent. We are actively working to establish these structures, including an IP policy. Our collaboration with the Ministry of Industry, Trade, and Investment and the Ministry of Justice is aimed at delivering this IP policy within the next two weeks.”

She added, “This special purpose vehicle will empower us to leverage funding, with a commitment from Afrexim Bank to provide $200 million, among other sources. Our goal is to tap into the potential of the creative economy, drive economic growth, foster cultural expansion, and create jobs, particularly for the youth.”

In another development, the FEC approved a total of ₦78.350 billion for the construction and rehabilitation of water supply projects in Benue and Jigawa states. Water Resources and Sanitation Minister, Prof. Joseph Utsev, reported on the approval of contracts for these projects, including the Greater Dutse Water Supply Project, which aims to serve approximately 1.5 million people using solar energy systems to mitigate carbon emissions.

Utsev explained, “The integration of solar energy into these water supply schemes is a deliberate strategy to combat climate change and flood risks. The Buruku/Gboko water supply project in Benue will also be powered by solar energy, benefiting around 506,000 residents in the region.”

Addressing the recent issues with dam collapses across the nation, Utsev revealed that a committee has been formed to assess the condition of all critical dams. “We’re currently divided into two teams; Team A is in Bauchi State, and they will be moving across several states, evaluating and ensuring the safety of these critical infrastructures,” he stated.

The federal government is also set to print 1 million science textbooks to enhance the integration of science education among students at the basic level. The Minister of State for Petroleum Resources, Gas, Heineken Lokpobiri, stated that this initiative, executed through the Petroleum Technology Development Fund (PTDF), aims to address deficiencies in science subjects like physics, chemistry, biology, mathematics, and computer science.

Lokpobiri conveyed, “We’re committed to building a strong foundation in STEM education to ensure our youth can compete globally. This program will distribute textbooks across all 774 local government areas and support our unity and special schools.” He concluded, “This initiative has been approved by the Council and signifies our dedication to strengthening secondary school education as we advance in technology and engineering.”