The Federal Executive Council has approved financing packages totalling approximately $2.76 billion, €200 million and N215 billion to fund key projects across the transportation, agriculture, renewable energy, infrastructure and micro, small and medium-sized enterprises sectors.

The approvals were disclosed by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, following Monday’s FEC meeting presided over by President Bola Tinubu.

According to the minister, the Council considered 14 memoranda submitted by the Ministry of Finance, with the approvals intended to advance the Tinubu administration’s Renewed Hope Agenda through targeted investments in critical sectors of the economy.

Oyedele said the approved financing packages were structured around five strategic priority areas aimed at accelerating economic growth, improving productivity and strengthening national development.

“For Council, we made very strategic decisions, which I have categorised under five headings.

“The first approval focuses on transportation and how to reduce its cost.

“Altogether, we have different financing arrangements amounting to 900 million U.S. dollars.

“We must continue to support small businesses because supporting them is supporting ourselves,” he said.

Oyedele said the approved financing packages are expected to accelerate infrastructure development, boost agricultural productivity, expand access to clean energy and increase affordable financing for MSMEs.

The financing approvals span several priority sectors, reflecting the government’s focus on driving inclusive economic growth and sustainable development.

The FEC approved N215 billion to complete ongoing investments under the Presidential Compressed Natural Gas Initiative, covering the procurement of CNG buses, electric vehicles, tricycles and the establishment of CNG conversion centres.

The Council also approved $900 million for agricultural development to support rural technical training, the development of Special Agro-Industrial Processing Zones and agricultural value-chain initiatives.

In the renewable energy sector, FEC approved $160 million for rural solar electrification projects, comprising $150 million from the Islamic Development Bank and $10 million in counterpart funding from the federal government.

The Council further approved $1.2 billion for Section Two of the Sokoto–Badagry Super Highway, as well as €200 million and $500 million through the Development Bank of Nigeria to expand access to affordable financing for micro, small and medium-sized enterprises (MSMEs).

Oyedele said the Sokoto–Badagry Super Highway would enhance connectivity across 11 states, improving logistics, facilitating trade and promoting broader economic integration.

The approvals underscore the Federal Government’s continued use of external and development financing to fast-track infrastructure projects, boost agricultural productivity, expand access to renewable energy and increase affordable financing for small businesses.