Tag: FEC

Infrastructure: FEC approves $125m Islamic Development Bank loan for Abia 

Aminu Imam
FEC approves Abia

Abia State government has confirmed the approval of a long-anticipated $125 million financing facility from the Islamic Development Bank, (IsDB), for the Abia State Integrated Infrastructure Development Project. According to a statement issued yesterday by the Chief Press Secretary to Governor Alex Otti, Ukoha Ukoha, the Federal Executive Council (FEC) gave its nod to the loan during its meeting on Wednesday. The statement described the approval as a major milestone in a project that has undergone extensive consultations and procedural steps. It is a key element in a broader co-financing…

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‘Lagos Int’l Airport Terminal-1 set for ₦712bn renovation over 22 months’ – Keyamo 

Aminu Imam
Keyamo on MMIA

The Federal Executive Council (FEC) on Thursday approved ₦712 billion for the full rehabilitation, upgrade, and modernisation of International Terminal-1 at the Murtala Muhammed International Airport, Lagos. The approval was the centrepiece of a sweeping ₦900 billion aviation infrastructure plan for the country. Minister of Aviation and Aerospace Development, Festus Keyamo, made the disclosure yesterday while addressing newsmen after the FEC meeting presided by President Bola Ahmed Tinubu at State House, Abuja. Keyamo said the project, awarded to China Civil Engineering Construction Corporation (CCECC), will strip the old terminal down…

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FEC approves ₦2tr for Sokoto–Badagry highway sections, ₦1.65tr for Lagos–Calabar coastal road 

Aminu Imam
FEC approves coastal roads

The Federal Executive Council (FEC) has approved N2 trillion for sections of the Sokoto–Badagry highway and N1.65 trillion for sections of the Lagos–Calabar Coastal Highway. Minister of Works, David Umahi announced this after the FEC meeting on Thursday in Abuja. He said the Sokoto–Badagry approvals include a second carriageway of 258 kilometres in Kebbi at ₦961 billion, alongside an earlier 2024 contract for a single carriageway at ₦947 billion. An additional 120 kilometres in Sokoto was approved at ₦456 billion, bringing the combined cost for these sections to about ₦2…

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FEC approves Tinubus 2025 Budget proposal

Aminu Imam
FEC approves

The Federal Executive Council (FEC) has approved President Bola Tinubus 2025 budget proposal. Minister of Budget and Economic Planning, Atiku Bagudu, who disclosed this to State House Correspondents after tge Council meeting in Aso Rock yesterday, also revealed that the proposal was based on an oil price benchmark of $75 per barrel. The Minister said, Today, the Federal Executive Council approved the budget proposals for 2025 with amendments which Mr. President directed following a presentation to the Federal Executive Council led by the Director-General of the Budget Office, Tanimu Yakubu.…

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FEC approves ?48 trillion Budget for 2025

Aminu Imam
FEC approves 2025 Budget

The Federal Executive Council (FEC), yesterday, approved a proposed Budget of ?47.9 trillion for 2025 fiscal year. Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this while briefing State House journalists after the FEC meeting presided over by President Bola Tinubu, yesterday. This was part of the Medium-Term Expenditure Framework (MTEF) for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007. The FEC granted approved its submission to the National Assembly as required by the Act. The framework projected Gross Domestic Product (GDP) growth rate…

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FEC directs sale of crude oil to ?angote Refinery in Naira

Aminu Imam
FEC directs crude sales

President Bola Tinubu has proposed the Nigerian National Petroleum Company Limited (NNPCL), sell crude oil to Dangote Petroleum Refinery and other refineries in the local currency, the Naira. According to the Special Adviser on Information and Strategy to the President, Bayo Onanuga yesterday, the proposal was adopted by the Federal Executive Council, (FEC). He said, To ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, the Federal Executive Council yesterday adopted a proposal by President Tinubu to sell crude to ?angote Refinery and other…

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Crude Oil Theft: FEC approves $21m to meter oil flow stations

Aminu Imam
FEC on crude oil theft

The Federal Executive Council (FEC), has approved the sum of $21 million for the metering of 187 oil flow stations across the Niger Delta region to help promote effective monitoring of the countrys crude oil production and distribution. Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who disclosed this at a press briefing in Abuja on Friday, explained that the metering project is in line with the Government agenda to curb the issues of oil theft bedeviling the countrys oil and gas sector. He said, One of the key…

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FEC approves N27tr as 2024 Budget; to be presented at NASS next week

Aminu Imam

The Federal Executive Council (FEC) has approved the N27 trillion proposed for the 2024 Budget. The FEC gave the approval yesterday, at the weekly executive meeting presided over by President Bola Tinubu.  Recall that on October 16, Minister of National Planning and Budget, Atiku Bagudu, announced that the Federal Government proposed N26 trillion for the 2024 Budget. He told State House correspondents that the budget proposal would be submitted to the national assembly before December 31. Speaking yesterday, the Minister said details of the Budget would be released when President…

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Dont come to FEC meeting unless you’re invited, Tinubu warns

Aminu Imam

Barely few days after the Supreme Court affirmed Bola Tinubu as the duly elected President of Nigeria, he has come out in strong terms to set the ground rules that would guide subsequent Federal Executive Council (FEC) meetings. While presiding over the FEC meeting yesterday, at the Council Chambers, Tinubu took a few moments to sound a stem warning, saying he had observed unauthorised persons gaining access into the Council Chambers of the State House. Tinubu also expressed confidence in his choice of Chief of Staff, Femi Gbajabiamila, warning that…

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Renewed Hope: FEC approves N26.01tr for 2024 Budget

Aminu Imam

The Federal Executive Council (FEC) has approved the sum of N26.01trillion for the 2024 Budget. Minister of Budget and National planning, Atiku Bagudu, disclosed this yesterday, while briefing State House newsmen after the Council meeting, presided over by President Bola Ahmed Tinubu. He disclosed that FEC also approved the 2024/2026 Medium-Term Expenditure and Fiscal Framework, (MTEF), and Fiscal Strategy Paper (FSP). The 2024 to 2026 MTEF was approved with the assumption that investment will continue to flow with stronger naira. Bagudu added that the Executive is required by the Fiscal…

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