The Federal Executive Council (FEC), yesterday, rose from its last meeting in 2024 with the approval of a N47.86 trillion budget proposal for the 2025 fiscal year.
Minister of Budget and Economic Planning, Senator Atiku Bagudu, made this known while briefing newsmen at the end of the FEC meeting, presided over by President Bola Tinubu.
According to him, the 2025 budget framework was based on oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day and exchange rate of N1,400 to a dollar.
“Today (yesterday) 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.
“The 2025 budget proposal articulates the federal government’s financial plan for the 2025 fiscal year and aligns with the renewed hope agenda and the national development plan, 2021, 2025.
“Earlier, the medium term expenditure framework and fiscal strategy paper was designed to build on the advances in macro economics stability, security gains, infrastructure gains, human capital development effort and creative industries, manufacturing and all the measures that have been taken to expand economic activity, create consumer credit, national agricultural development fund, gas, CNG initiative, housing initiative.
“All of them intended to build economic activity and the the successes noted in 2024. The 2025 framework is based on a benchmark oil price benchmark of 75 dollar per barrel, oil production of 2.06 million barrels per day and the exchange rate of 1400 naira.
“All these are already included in the medium term expenditure framework of which we have presented here, which have also been approved by the National Assembly.
“So, the total projected revenue for 2025 stands at N34,820 trillion out of which the expenditure is projected at N47,960 trillion, which is an increase of 36.8% from the 2024 estimate, the deficit for 2025 is projected at N13.13 trillion representing 3.89% of GDP.
“If you recall, this administration inherited N6.1 trillion deficit from the 2023 budget. But given the success achieved in 2024, we were still able to maintain the deficit,” he said.
Bagudu explained that comments were taken from members of the Executive Council and the president directed some consequential adjustment while, approving the figures.
Shedding light on why the budget presentation to the National Assembly was shifted from the initial date of Tuesday, December 17, 2024 to Wednesday, December 18, 2024, Minister of Information and National Orientation, Mohammed Idris, explained that the National Assembly was yet to communicate to the executive on the date and time for the presentation.
According to him, before the budget presentation, the executive usually engaged with the leadership of the National Assembly for the suitable date and time, adding that the National Assembly would then communicate on the date and time chosen for such an important exercise.
The Minister said engagements were still ongoing between the two arms of government, expressing optimism that the budget proposal might take place on Wednesday.
FEC also approved the renaming of University of Abuja after elder statesman and former head of State, General Yakubu Gowon.
The University would now be known as Yakubu Gowon University Abuja in recognition of his contribution to the stability of the country.
Gowon, who superintended over the Nigerian civil war between 1967 to 1970 is greatly acknowledged for keeping the country one. He went on to establish the National Youth Service Corps (NYSC) scheme which is still in place till date.
Government also approved free train services nationwide starting from December 20 to January 6, 2025 to help cushion high transportation fare during the Christmas season.
Idris told reporters that the Council would write the National Assembly on the resolution and the name change for legislative action, adding also that cabinet members wouldembark on recess from 18th December and resume on January 6, 2025.
His words: “The Federal Executive Council meeting just ended with members of the executive council commending President Bola Tinubu for stewardship of the state for the last one year.
“Members of the Federal Executive Council also reiterated their commitment and support for his programmes and the leadership of Mr President.
“It’s a brief one today. Not many items on the agenda. The first one is the 2025 budget that will be presented to the National Assembly.
“The Federal Executive Council will proceed on recess from the 18th of this month until the 6th of January, meaning there won’t be any federal executive council meeting during that period.
“Government is also happy to announce that, as we did last year, there will be free train service to all Nigerians from the 20th up until the 6th January. This is consistent with the President’s desire to cushion the effect of transportation from the most vulnerable Nigerians.
“Recall that this also happened in the last Christmas period and the Sallah period. And Mr President has also approved that this year, from the 20th of December to the 6th of January, there will be free transport service nationwide.”
Asked whether cities that don’t have access to train services would be given free road transport services, he said the gesture was only for train services.
Idris further said, “The third item is that there’s also a decision taken by the Federal Executive Council to rename the University of Abuja to honour elder statesman, General Yakubu Gowon.
“The University of Abuja will now be known as Yakubu Gowon University. Of course, the process will have to go to the National Assembly, for all legislation in that direction.”
Making further clarification on the renaming of University of Abuja, Minister of Education, Dr Tunji Alausa, stated that FEC approved the change of the University name following the motion moved by the President during the council meeting.
“President Tinubu moved a motion for the renaming of the University of Abuja at the council meeting and the council approved that the University of Abuja be renamed Yakubu Gowon University, and FEC unanimously approved the motion.
“It was in recognition of the elder stateman’s contribution to Nigeria’s unity and his roles in upholding true federalism.”
The minister said, following the approval of the council on the renaming of the University, “The Federal Ministry of Education will prepare necessary document to change the act of the University and it will be forwarded to the National Assembly for formal approval.”
Alausa, therefore, lauded President Tinubu’s efforts in increasing budgetary allocation to human capital development for expansion of the education sector, adding that the president approved significant budgetary allocation to the sector.
Gowon: Mutfwang Commends Tinubu
Plateau State Governor, Caleb Mutfwang, has commended President Bola Ahmed Tinubu for renaming the University of Abuja to Yakubu Gowon University, Abuja, describing it as a profound honour.
In a message of appreciation, the governor said the renaming was an honour, not only to General Gowon but also to the people of Plateau State, his birthplace, highlighting the selfless service and exceptional leadership of the former Head of State, which played a pivotal role in shaping Nigeria’s unity, fostering peace, and promoting national cohesion.
In the statement signed by his Director of Press, Gyang Bere, he commended Tinubu for the well-deserved recognition of General Gowon’s enduring legacy, noting that Gowon’s wisdom and diplomatic acumen were instrumental in seeing Nigeria through one of its most turbulent periods, leaving an indelible mark on the nation’s history.
“General Yakubu Gowon is a cherished father figure and a beacon of peace to millions of Nigerians. His life and legacy continue to inspire change and serve as a guiding light for our nation
“On behalf of the government and the people of Plateau State, I warmly extend congratulations to General Gowon on the honour. May God’s continued blessings, good health, and strength abide with the elder statesman, as he continues to offer wise counsel and guide the nation to greater heights,” the governor prayed.
Thisday
