The Federal Government has said that the full settlement of the $3.4 billion loan obtained from the International Monetary Fund (IMF) has boosted the nation’s credibility rating globally.
Minister of Information and National Orientation, Mohammed Idris, who also disclosed that the government was considering criminalizing theft and vandalism of infrastructure components across the country, said this on Monday while briefing newsmen after the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu at the Presidential Villa.
The Minister said the repayment of the loan reflected the administration’s dedication to financial discipline, even on liabilities inherited from previous administrations.
“President Tinubu, as usual, sees government as a continuum. He directed that the government should exit that debt, and I can report to you today that Nigeria has indeed exited from that IMF facility.
“This move has boosted our credibility globally. It reassures foreign investors of Nigeria’s capacity to meet its debt obligations and improves our rating across international financial platforms,” idrs said
He acknowledged public scepticism that trailed the announcement but stressed that the repayment was real and complete.
“I saw some cynicism in some quarters questioning whether this is true. I can confirm it: the debt has been paid in full,” he added.
Beyond fiscal matters, the Council also discussed the increasing role of private sector participation in infrastructure development, especially in road construction.
Idris said Council recognised a growing appetite from private players to fund critical projects and directed relevant government agencies to create an enabling environment for such partnerships.
“The government is saying there’s an increasing need for private sector players to participate actively in national economic growth. Wherever the private sector can deploy its funds to support infrastructure, particularly roads, such opportunities should be encouraged,” he said.
Idris also disclosed that the Council expressed serious concern over the rising incidents of vandalism and theft of public infrastructure — especially the illegal removal of metals from bridges and other government-owned installations.
He said the President has directed the Attorney-General of the Federation to review relevant laws and consider stricter measures to criminalize the theft of government assets.
“People, under the cover of night, go to remove metallic infrastructure parts from bridges and other assets and sell them to buyers who recycle and reintroduce them into the market. This criminal enterprise is on the rise,” he noted.
While some legal provisions already exist to address such crimes, the minister explained that the government was looking at those laws in greater depth to ensure more effective enforcement and deterrence.
Additionally, the Minister hinted at a new rhythm of governance, revealing that FEC meetings may now hold more frequently to accelerate decision-making and address long-standing issues requiring urgent executive attention.
“Council has decided to fast-track its decision-making process. We will sit again in two days to consider more pressing matters,” he said, noting the President’s desire to clear backlogs and ensure responsive governance.
