Minister of Finance and Coordinating Minister of the Economy Wale Edun announced on Thursday that the Federal Government has obtained new multilateral funding exceeding $400 million to aid internally displaced persons (IDPs), host communities in the North, and enhance healthcare infrastructure in Sokoto State.
The Minister said that this is coming amid a rebound in the economy, which is showing renewed momentum, buoyed by rising investor confidence.
Briefing State House Correspondents after the Federal Executive Council (FEC) meeting at the presidential villa, Abuja, Minister Edun said that Nigeria secured a $300 million World Bank credit for IDPs and host communities spread across northern states, and another $96 million financing package cleared by council to be obtained from the Islamic Development Bank, and the African Development Bank (AfDB).
“I just had two memos, one was to get the approval of the FEC for a World Bank credit of $300 million for the internally displaced and host communities in various states in the north. The second one was the approval of the credit from the Islamic Development Bank and the African Development Bank for a total of $46 million and $50 million from the African Development Bank and the Islamic Development Bank, respectively for the Sokoto health infrastructure project,” Minister Edun noted.
The Minister explained that recent developments reflected growing faith in Nigeria’s reform trajectory.
According to him, the country’s successful return to the Eurobond market, where a $2 billion offer drew $13 billion in subscriptions, was “a resounding vote of confidence” in the President Bola Tinubu administration.
He stressed that all borrowing remained within approved fiscal limits.
Minister Edun expressed optimism that ongoing economic diplomacy led by the President would expand inflows, noting rising foreign interest in aviation and other sectors.
On the macroeconomic performance, Minister Edun said headline growth had accelerated to 4.2% in the second quarter of 2025, even as inflation moderated to 18 percent.
