President Bola Ahmed Tinubu is currently presiding over the Federal Executive Council (FEC) meeting at the Council Chamber of the Presidential Villa in Abuja. The meeting, believed to be the last for the year, comes ahead of the presentation of the 2025 Appropriation Bill to the National Assembly, scheduled for tomorrow.
The 2025 budget, as outlined in Nigeria’s Medium-Term Expenditure Framework (MTEF) approved in the last FEC meeting, is set at ₦47.9 trillion. It includes key fiscal projections such as:
• ₦9.22 trillion in new borrowing to finance the deficit,
• An oil price benchmark of $75 per barrel,
• A daily production target of 2.06 million barrels, and
• An exchange rate of ₦1,400 to the dollar.
Top government officials, including the Secretary to the Government of the Federation (SGF), Senator George Akume; Chief of Staff to the President, Femi Gbajabiamila; National Security Adviser, Mallam Nuhu Ribadu; and Head of Civil Service of the Federation, Didi Easter Wilson-Jack, are present at the meeting.
Vice President Kashim Shettima is notably absent, as he is currently in Saudi Arabia for the lesser hajj and is expected to hold talks with the President of the Islamic Development Bank.
This FEC meeting is anticipated to finalize discussions on key priorities for the 2025 fiscal year, signaling the administration’s continued commitment to economic reforms and budgetary discipline.
Details to follow…
