The Federal Executive Council (FEC) has approved a $1.2 billion financing facility for Section Two of the Sokoto Badagry Super Highway.
The council also approved a $160 million solar energy project for Niger State. The projects form part of the Federal Government’s infrastructure and energy development plans.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced the approvals after Monday’s FEC meeting in Abuja. He said the Ministry of Finance presented 14 memoranda to the council.
Edun said the $1.2 billion facility would support the construction of Section Two of the Sokoto Badagry Super Highway in Kebbi State describing the road as a major project that would improve transport links and strengthen economic activities across 11 states.
The minister added that the Niger solar project would expand electricity access in rural communities. The Islamic Development Bank will provide $150 million, while the Niger State Government will contribute $10 million.
In addition, FEC approved N215 billion for the Presidential Compressed Natural Gas (CNG) Initiative. Edun said the funds would support the purchase of CNG buses, electric vehicles and CNG powered tricycles.
The money will also help establish more vehicle conversion centres across the country. According to the minister, the investment will reduce transport costs and promote cleaner energy use.
The approvals highlight the Federal Government’s continued focus on infrastructure, renewable energy and affordable transportation solutions for Nigerians.
