President Bola Tinubu chaired the weekly Federal Executive Council (FEC) meeting held inside the Council Chamber of the Presidential Villa in Abuja on Monday. The session was attended by Vice President Kashim Shettima, the Secretary to the Government of the Federation (SGF) Senator George Akume, ministers, and other members of the cabinet.
Here are the major highlights from the FEC meeting:
- Swearing-In of Permanent Secretaries: President Tinubu administered the oath of office to eight new Permanent Secretaries who recently passed the Federal Civil Service selection process.
- 2024 Federal Government Expenditure: The FEC approved N27.5 trillion as the Federal Government’s aggregate expenditure for 2024, reflecting an increase from the initially considered N26.01 trillion. The targeted revenue for the upcoming year was disclosed to be N18 trillion.
- $1 Billion AfDB Concessionary Loan: The council gave approval for a $1 billion concessionary loan from the African Development Bank (AfDB) to support financing the 2024 budget and enhance foreign exchange supply. The loan will carry an interest rate of 4.2% for 25 years with an eight-year moratorium.
- Fiscal Policy and Tax Reform: The Fiscal Policy and Tax Reform Committee proposed the removal of Value Added Tax (VAT) on diesel and aims to increase the ratio of tax revenue to GDP to 18%, aligning with the African average.
- Ministry of Finance’s Market Engagement: The FEC approved a total limit of N2 trillion for the Ministry of Finance to go in and out of the market, with the objective of potentially reducing the interest rates on outstanding loans.
- Bilateral Air Service Agreement: Approval was granted for the signing of a bilateral air service agreement with the Republic of Guyana. The agreement was initially entered into in 2014.
- Security Enhancement at Airports: A contract worth N3.233 billion was approved for the supply and installation of customized explosive and narcotic detection screening systems at international airports in Abuja, Lagos, Kano, Port Harcourt, and Enugu.
- Human Rights Report to the UN: The FEC approved Nigeria’s Draft Human Rights report for the fourth cycle of the United Nations Universal Periodic Review. The report will be transmitted to the United Nations Commission on Human Rights.
President Tinubu’s leadership at the FEC meeting underscores key decisions made to address various aspects of governance, including fiscal policy, infrastructure, human rights, and international agreements.