The Federal Executive Council (FEC) has approved the use of credit facilities to purchase fighter aircraft and ammunition for the Nigerian Air Force (NAF).
Mohammed Idris, Minister of Information and National Orientation, told State House media on Wednesday after the Council meeting at the Presidential Villa in Abuja, which was led by President Bola Tinubu.
Standing in for Minister of Finance Wale Edun, who is on official duty in the United States, Idris delivered information about the FEC clearances.
“The first one is that there have been approvals for some contracts, about seven of them for the Nigerian Custom Service,” Idris told journalists.
He clarified: “The next one is an approval for an agreement for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance between the Federal Republic of Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China.”
He additionally stated: “The third one is an approval to obtain a credit facility in the sum of €443,330,781.49 and another $141 million from a group of financiers for the procurement of six units of M346 fighter aircraft and ammunition for the Nigerian Air Force.”
The Council also approved a double taxation arrangement between Nigeria and Botswana.
Hannatu Musawa, Minister of Art, Culture, Tourism, and Creative Economy, said that the FEC has approved the establishment of the Creative Economy Fund.
“The FEC approved the development of a Creative Economy Development Fund. This is a special purpose vehicle that will allow participants of the creative economy to access funds and use their intellectual property as collateral for monetization,” Musawa added.
She emphasized the vital need for structural reforms in the sector, adding, “We recognized very early on that the very fundamental mechanisms in order for us to truly tap into the potential of the creative economy were absent. So we started to work.
Musawa continued: “We are working together with the Ministry of Industry, Trade and Investment, and the Ministry of Justice to ensure that we deliver an IP policy, hopefully within the next two weeks.”
The Minister also announced that Afrexim Bank has pledged $200 million to support the fund.
“This is a special purpose vehicle that will allow us to distribute funds to members of the community.
“And hopefully, we’ll be able to really tap into the potential and reach our targets of economic expansion, creative expansion, cultural expansion, and of course, job creation, specifically for the younger demographic,” she told me.