ABUJA — The Federal Executive Council (FEC) has officially approved the acquisition of credit facilities from financiers aimed at procuring fighter aircraft and ammunition for the Nigerian Air Force.

This announcement was made by the Minister of Information and National Orientation, Mohammed Idris, who briefed State House correspondents following the cabinet meeting chaired by President Bola Tinubu at the Presidential Villa in Abuja.

In addition to this procurement, the Council also sanctioned the establishment of a Creative Economy Fund designed to enhance electoral processes and create job opportunities.

Idris, addressing the media on behalf of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who is currently on official duties in the United States, outlined the following key FEC approvals:

1. Several contracts—approximately seven—were approved for the Nigerian Customs Service.
2. An agreement to eliminate double taxation and prevent tax evasion and avoidance was approved between Nigeria and the Hong Kong Special Administrative Region of China.
3. A credit facility of €443,330,781.49 (approximately $141 million) was approved from a group of financiers for the procurement of six M346 fighter aircraft and associated ammunition for the Nigerian Air Force.
4. Another agreement for the elimination of double taxation concerning income was approved between Nigeria and the Republic of Botswana.

Idris noted that a contract worth about N44.2 billion had also been approved for the Nigerian Customs Service, covering the construction of residential accommodations and the procurement of operational vehicles. “We are dedicated to improving the efficiency of the Nigeria Customs Service,” he added.

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Further, the Minister of Arts, Culture, Tourism and Creative Economy, Hannatu Musawa, discussed the FEC’s approval for the creation of the Creative Economy Development Fund. This initiative will serve as a special mechanism for supporting members of the creative economy, allowing them to access funding and leverage their intellectual property as collateral for monetization.

Musawa emphasized the need for essential structures to harness the full potential of the creative sector, stating, “We recognized that basic frameworks were missing, so we initiated efforts to establish these structures. The development of an Intellectual Property (IP) policy is crucial, and we are collaborating with the Ministry of Industry, Trade and Investment, as well as the Ministry of Justice, to finalize the IP policy within the next two weeks.”

She highlighted that the Fund is expected to attract significant financial commitments, including $200 million from Afrexim Bank, along with other potential sources. This initiative aims to empower the creative community, fostering economic expansion, cultural development, and job creation, particularly for the youth demographic.