The Federal Executive Council was briefed by the Fiscal Policy and Tax Reform Committee on its workings for roughly 90 days.

Addressing newsmen, the Minister of Finance and Coordinating Minister of the Economy, WALE EDUN, said the committee had proposed the removal of Value Added Tax on diesel and is looking to increase the ratio of tax revenue to GDP to 18 per cent, which is the average for Africa.

He also gave an update on the $100 million financing from the African Development Bank (AfDB) and $15 million from the Canada African Development Bank Climate Fund inherited from the previous administration.

He said it is a concessional borrowing of around 4.2 per cent per annum by Abia state through the federal government.

Furthermore, EDUN said the AfDB approved $1 billion concessional financing for Nigeria in recognition of the economic measures that have been taken and the swift movement towards macro stability.

He said the loan to be paid in 25 years at 4.2 per cent per annum, has a moratorium of eight years.

He also added that the AfDB is to provide $1 billion in general budget support.