Kehinde Fajobi
President Bola Tinubu is presiding over the Federal Executive Council (FEC) meeting at the Council Chamber of the Presidential Villa, Abuja.
Today’s session, likely the last for the year, is expected to discuss preparations for the presentation of the 2025 Appropriation Bill to the National Assembly scheduled for tomorrow, according to reliable sources.
The previous FEC meeting, held about a month ago, approved the 2025-2027 Medium-Term Expenditure Framework (MTEF), which features a ₦47.9 trillion budget for 2025.
The plan includes ₦9.22 trillion in new borrowing to fund the deficit, an oil price benchmark of $75 per barrel, daily production of 2.06 million barrels, and an exchange rate of ₦1,400 to the dollar.
Vice President Kashim Shettima is absent from today’s meeting as he is in Saudi Arabia for the lesser hajj and a scheduled meeting with the President of the Islamic Development Bank.
Present at the meeting are Secretary to the Government of the Federation (SGF), Senator George Akume; Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila; National Security Adviser (NSA), Mallam Nuhu Ribadu; and Head of the Civil Service of the Federation, Didi Easter Wilson-Jack, alongside nearly all ministers.