FEC just approved $2.96bn for transport, agriculture and MSMEs

So the Federal Executive Council yesterday under President Tinubu approved financing packages worth about $2.96 billion, €200 million, and ₦215 billion. The Minister of Finance Taiwo Oyedele said they considered 14 memoranda and grouped them into five areas , transport, agriculture, power, infrastructure, and MSMEs.

For transport they approved ₦215 billion to complete the Presidential CNG initiative, covering CNG buses, electric vehicles, tricycles, and conversion centres. For agriculture they approved $900 million for rural training and Special Agro-Industrial Processing Zones. And for small businesses the Development Bank of Nigeria got €200 million and $500 million to help MSMEs access credit.

This is the kind of thing we need to hear more about. But the question is how many of these funds will actually reach the people who need them. I just hope the implementation doesn't get lost like past projects.