Tinubu Presides Over FEC Meeting as 2025 Budget Proposal Gains Approval

President Bola Ahmed Tinubu on Monday presided over the Federal Executive Council (FEC) meeting held at the Presidential Villa, Abuja. The meeting focused on finalizing the federal government’s proposed 2025 budget ahead of its presentation to the National Assembly.

The council deliberated extensively on key parameters for the 2025 fiscal year. The budget proposal sets the crude oil benchmark at $75 per barrel, targeting a daily production rate of 1.78 million barrels. Other macroeconomic indicators include an inflation rate estimate of 11.95%, an exchange rate projection of N750 to the dollar, and a gross domestic product (GDP) growth rate of 3.76%.

Final Approval for 2025 Budget Proposal

Following these discussions, the FEC gave its approval for the budget, clearing the path for its presentation to lawmakers. The presentation, initially scheduled for Tuesday, December 17, was postponed to Wednesday, December 18, to allow for final adjustments.

Sources close to the meeting confirmed that the decision to move the presentation date was influenced by ongoing consultations with relevant stakeholders to ensure the proposal aligns with national priorities and global economic realities.

Tinubu’s Strategic Focus

This development highlights the Tinubu administration’s commitment to fiscal discipline and economic reforms. The $75 per barrel benchmark demonstrates a cautious yet optimistic approach, considering fluctuating global oil prices. By aligning key metrics with the realities of the Nigerian economy, the government aims to balance fiscal responsibility with developmental goals.

The budget’s approval is a significant step in the administration’s broader strategy to address Nigeria’s economic challenges, including inflation, exchange rate volatility, and declining oil revenues. With the proposed budget set for parliamentary scrutiny, stakeholders are hopeful for an expedited review and adoption process.

FEC Meeting Key Attendees

The FEC meeting was attended by Vice President Kashim Shettima, Secretary to the Government of the Federation George Akume, and Chief of Staff to the President Femi Gbajabiamila, among other cabinet members and top government officials.

Their collective input underscored the administration’s effort to ensure inclusive decision-making as the government prepares for the implementation phase of the 2025 fiscal agenda.