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FEC Approves $618m Loan For Fighter Aircraft, Ammunition Procurement

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The Federal Executive Council (FEC) has approved a loan package totaling $618 million from a group of international financiers to procure six fighter aircraft and associated ammunition for the Nigerian Air Force.

The decision was announced by the Minister of Information and National Orientation, Mohammed Idris, following the FEC meeting chaired by President Bola Tinubu in Abuja on Wednesday.

Read Also: House of Reps Aims To Increase Derivation Funds To 50% For Mineral-Rich States

Mohammed Idris, who represented the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that the loan includes a credit facility of €443.3 million and $141 million.

This funding will be used to purchase six units of M346 fighter jets, a move that aligns with the Nigerian Air Force’s ongoing fleet renewal strategy.

Earlier in October, the Air Force announced plans to acquire 24 M346 combat jets and 10 AW109 Trekker helicopters, with the first deliveries scheduled for early 2025 and continuing through mid-2026.

The procurement, according to Idris, is part of a broader set of approvals made by the FEC during the meeting.

These include the elimination of double taxation agreements between Nigeria and Hong Kong as well as Botswana, and several contracts for the Nigerian Customs Service.

In addition to defense investments, the FEC also approved the establishment of the Creative Economy Fund, aimed at bolstering Nigeria’s growing creative sector.

The Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, described the fund as a “special purpose vehicle” designed to provide financial access to creative professionals, allowing them to use their intellectual property (IP) as collateral.

The minister emphasized that the fund, already backed by a $200 million commitment from Afreximbank, will help the creative sector in Nigeria flourish by providing much-needed financial support.

“We identified very early on that the basic structures needed to tap into the potential of the creative economy were missing,” Musawa said, stressing the importance of establishing robust IP policies and other foundational elements for the sector’s growth.

 

 

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Osun Inaugurates Special Taskforce on Environmental Sanitation

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Four gang-killed two in Osun, destroy N8M properties

With a view to strengthening the enforcement of environmental laws so as to sustain a clean, healthy and habitable environment throughout the state, the Osun State Government has set up a Special Task Force on Environmental sanitation.

The Task Force, according to a government house statement issued on Monday in Osogbo, is to be chaired by the state Head Of Service, Samuel Ayanleye Aina and deputised by the Hon. Commissioner for Environment and Sanitation, Hon Mayowa Adejoorin.

The core mandate of the taskforce according to a statement issued by the state commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, is to tackle environmental infractions throughout Osun state particularly indiscriminate waste disposals in drains and roadsides as well as other places that have the potential of constituting environmental nuisances.

READ ALSO: NCDMB Retirees Celebrate Local Content Growth from 5% to 61%

The state government particularly viewed with great concern and accordingly flayed the indiscriminate manner with which people litter many places including road medians with dirts and debris of different kinds, an act which it further noted could cause serious environmental hazards.

The State Government while putting in place the taskforce urged its members to ensure that all enforcement activities are diligently carried out in accordance with the law.

The government warned that offenders will be prosecuted if, henceforth, they are caught or found culpable in one way or the other in negating all the environmental laws of the state.

It also urged the Special Task Force on Environmental sanitation to remain committed to due process in the discharge of its core duties and mandates.

Other members of the Samuel Ayanleye Aina led Special Task Force on Environmental sanitation are the Hon. Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi, Special Adviser to the Governor on Political Affairs, Alh.Muniru Raji, General Manager, Osun State Waste Management Agency(OWMA), Mr Oyewole Fatai Oladosu and Mr.K.K.Oyelami.

Other members of the taskforce are Osun Amotekun Corps Commander, Hon. Omoyele Isaac Adekunle, Hon. Commissioner for Women Affairs, Chief (Mrs) Ayobola Fadeyi Awolowo and Special Adviser to the Governor on Market Affairs, Mrs Eniola Omotoso.

The task force is to commence work with immediate effect.

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Petrol Price Will Drop To ₦400, ₦500 Under Atiku’s Plan — Dino Melaye

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Senator Dino Melaye, a chieftain of the African Democratic Congress (ADC), has said petrol prices could fall to between ₦400 and ₦500 per litre if the party’s proposed fuel subsidy policy is implemented under an Atiku Abubakar-led government.

Melaye made the statement during an appearance on Democracy Today, an AIT programme, on Monday, while explaining the ADC’s economic agenda ahead of the 2027 general elections.

According to him, the proposed restoration of fuel subsidy is aimed at making Nigeria more affordable by reducing the cost of petroleum products and easing pressure on transportation and the prices of goods and services.

ALSO READ: Rivers 2027: ADC Still United, No Member Has Joined APC — Pidomson

Melaye said the high cost of petrol has affected several sectors of the economy, including transportation, movement of goods, aviation and other businesses.

“Everything is around this subsidy. Once transportation is affected, movement of goods and commodities is affected,” he said.

He added that aviation fuel was also contributing to increased costs within the aviation sector, describing petroleum products as an important link across different areas of the economy.

Defending the ADC’s position on subsidy, Melaye argued that resources which he alleged were previously lost to corruption could instead be redirected towards Nigerians through the proposed policy.

“What we intend to do is that at the initial, there is no subsidy. What you have is corruption. It’s money being stolen. So, instead of the corruption, we are replacing corruption now by leveraging on the people,” he said.

Asked whether the ADC would restore fuel subsidy, Melaye said the party intended to bring it back fully.

“We are bringing back subsidies 100% because subsidies, there is nothing like subsidies. What we have is corruption,” he said.

Melaye further linked the proposed policy to the price of petrol and other petroleum products.

He said the policy would result in a reduction in the price of Premium Motor Spirit (PMS), diesel, kerosene, aviation fuel and other petroleum products.

“And once there is reduction from 1,400, you start buying fuel at 500 or at 400, definitely it’s going to have a resultant effect on every other facet, including price of goods and commodities,” Melaye said.

He argued that cheaper petrol would reduce transportation costs and contribute to lower prices of goods and commodities.

Melaye also questioned the Federal Government’s borrowing levels, comparing borrowing under former President Muhammadu Buhari, when fuel subsidy was in place, with borrowing under the current administration.

He claimed that Buhari’s administration borrowed ₦87 trillion over eight years with fuel subsidy, while the current administration had borrowed ₦157 trillion without subsidy.

 

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UN Secretary-General Race: Shettima Says Nigeria Will Back Equity, Justice and Fairness

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Vice President Kashim Shettima has assured Costa Rican candidate for the position of United Nations Secretary-General, Rebeca Grynspan, that Nigeria will support a candidate based on equity, justice and fairness.

Shettima gave the assurance when he met with Grynspan shortly before returning to Nigeria from New York, United States.

The Vice President said Nigeria’s position would also be guided by the need to promote Africa’s aspirations in global affairs, particularly its quest for representation in key decision-making bodies.

SEE ALSO: Africa Can’t Bear Global Burdens Without Equal Voice — Shettima

According to him, Nigeria will support a candidate who believes in multilateralism, conflict prevention and the promotion of peace.

Shettima said he would recommend Grynspan’s candidature based on several factors, including Nigeria’s relationship with Latin America and the importance of gender inclusion.

“Thank you for seeking Nigeria’s perspective for your candidature of the United Nations Secretary-General. Nigeria and Costa Rica share a common historical background connecting both countries and their regions.

“We also have a cordial relationship with Latin America, and we do not wish to jeopardise it. Beyond our historical ties and relations rest our interest in conflict prevention, multilateralism, and the peace of our nations,” the Vice President said.

Shettima also called for reforms to the global governance architecture, noting that the international system has changed significantly since 1945 but has yet to adequately reflect Africa’s growing population and interests.

He stressed the need for greater African representation in key global decision-making institutions.

Earlier, Grynspan, who met with Shettima to seek Nigeria’s support for her candidature, said she was prepared to lead reforms at the United Nations, particularly those being demanded by countries in the Global South.

“Coming from the Global South, I represent the interest and demands of the region. I also have a soft spot for Africa. I know the continent and its aspirations,” she said.

The Costa Rican candidate said her agenda would prioritise peace and pledged to give urgent attention to Africa’s ambition of becoming a permanent member of the United Nations Security Council.

The meeting was held in New York as part of Shettima’s engagements before his return to Nigeria.

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