FEC okays justice sector reform, 500m Euro loan for BOI
To improve the ongoing reform in the country’s judicial sector, the Federal Executive Council (FEC) has approved what it called as a Justice Sector Policy for Nigeria.
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, made the disclosure yesterday while briefing State House correspondents after the meeting presided over by President Muhammadu Buhari in Abuja.He explained that the policy would ensure speedy administration of justice, quality administration and access to justice.
Malami said FEC also approved a memo seeking to amend the Geneva Convention and re-enact it to grant access to justice by prisoners of war (POW).The minister stated that Nigeria was not at par with the rest of the world, particularly in the area of granting POWs certain rights and privileges.
Also, the Minister of State for Finance, Budget and National Planning, Clement Agba, said FEC approved a memo to source a 500 million Euro loan from external creditors for the Bank of Industry to support industrialisation and agriculture in addition to the creation to 1.2 million new jobs.His words: “The credit guarantee is for up to five years and the Federal Government is the guarantor of the loan.
“The facility is basically to finance major industrialisation projects and micro-small and medium enterprises’ value chain in Nigeria for up to five years at affordable rates. These rates are single digit.”Also speaking, the Minister of Power, Saleh Mamman, revealed that his ministry got approval of the president on a memo seeking the release of $2 million as part of Nigeria’s contributions to the West African Power Pool .
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