Uzoka-Anite makes disclosure after FEC meeting, says council also approves new development plan and food security policies…..
President Bola Tinubu is expected to submit the 2027 Appropriation Bill to the National Assembly before the end of this year, as the Federal Government begins preparations for the next fiscal cycle.
The Minister of State for Budget and Economic Planning, Doris Uzoka-Anite, disclosed this on Wednesday while briefing State House correspondents on the decisions reached at the Federal Executive Council (FEC) meeting presided over by President Tinubu at the State House in Abuja.
According to the minister, the council also approved the National Development Plan for 2026–2030, alongside new policy and legal frameworks aimed at addressing child stunting and improving food security across the country.
Uzoka-Anite made the disclosure while highlighting key resolutions from the council meeting and reviewing the outcome of the 32nd Nigerian Economic Summit, which held in Abuja between October 26 and October 28.
She further revealed that FEC approved the Revised National Policy on Food and Nutrition 2026, which is expected to replace previous frameworks and introduce more sustainable funding arrangements for nutrition programmes.
The revised policy is also designed to strengthen cooperation among relevant government ministries and other stakeholders, particularly in agriculture, livestock, health and education, while encouraging greater participation from development partners.
The development comes as the Federal Government continues to pursue its economic reform and infrastructure agenda, with fresh financing proposals expected to support major projects across the country.
Earlier, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, clarified that the $21.7bn borrowing proposal submitted by President Tinubu to the National Assembly was intended to finance investments in infrastructure and other productive assets rather than recurrent expenditure.
Oyedele explained that the proposed borrowing programme was structured as a multi-year investment plan covering approximately five years and would not involve an immediate withdrawal of the entire amount.
He disclosed that $10.6bn had been earmarked for major transportation infrastructure, including the Sokoto–Badagry Highway, Lagos–Calabar Coastal Highway and Kano–Kaduna Metro Rail project.
The finance minister also said more than $7.9bn of the proposed financing would come from multilateral and bilateral development partners, with the World Bank expected to provide $5bn.
According to him, the funds would attract an average interest rate of approximately 2.1 per cent.
Oyedele further disclosed that $3.3bn had been allocated to projects being undertaken by state governments, while another $1.45bn was designated for infrastructure and other development projects in the Federal Capital Territory.
The proposed financing package forms part of the Tinubu administration’s broader investment plans, as the Federal Government seeks to expand infrastructure development and support economic growth.
