President Bola Tinubu chaired the Federal Executive Council, FEC, meeting at the Presidential Villa in Abuja.
This meeting is expected to be the final FEC meeting of the year.
Cyber Reporters gathered that the meeting is likely to focus on the presentation of the 2025 Appropriation Bill to the National Assembly, scheduled for tomorrow.
This is a crucial step in the budgeting process, and the FEC’s discussion will shape the final bill.
The proposed budget is part of Nigeria’s 2025-2027 Medium-Term Expenditure Framework, MTEF, which was approved at the last FEC meeting about a month ago.
This framework outlines the country’s spending plans for the next three years.
The MTEF proposes a ₦47.9 trillion budget for 2025, with a ₦9.22 trillion borrowing plan to address the deficit.
This borrowing plan is aimed at bridging the gap between the country’s revenue and expenditure.
The budget is guided by several key assumptions, including an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, and an exchange rate of ₦1,400 to the dollar.
Notably absent from the meeting is Vice President Senator Kashim Shettima, who is currently in Saudi Arabia for the lesser hajj.
It was gathered that Shettima’s absence is due to his religious obligations, and he is also expected to meet with the President of the Islamic Development Bank during his visit.
Despite Shettima’s absence, other key government officials are in attendance, including Senator George Akume, Secretary to the Government of the Federation (SGF); Rt. Hon. Femi Gbajabiamila, Chief of Staff to the President; Mallam Nuhu Ribadu, National Security Adviser (NSA); and Dr. Didi Easter Wilson-Jack, Head of Civil Service of the Federation.
