President Bola Ahmed Tinubu is currently presiding over the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.
The meeting, expected to be the last FEC for the year 2024, is preceding President Tinubu’s presentation of the 2025 Appropriation Bill billed for the National Assembly on Tuesday.
Among those present at the meeting are the secretary to the Government of the Federation, Senator George Akume; the Chief of Staff to the President, Mr Femi Gbajabiamila; the Head of Service of the Federation, Mrs Didi Walson- Jack and National security Adviser, Mallam Nuhu Ribadu.
Also present are cabinet members including Ministers and Ministers of state.
The last FEC meeting, which held about a month ago, approved Nigeria’s 2025-2027 Medium-Term Expenditure Framework (MTEF), which includes a ₦47.9 trillion budget for 2025.
The plan features ₦9.22 trillion in new borrowing to finance the deficit, with 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.
The Vice President, Senator Kashim Shettima, who is currently in Saudi Arabia for the lesser hajj, is absent from the meeting.