The much-anticipated meeting of the Federal Executive Council (FEC) is underway with President Bola Tinubu presiding at the State House, Abuja.
Thursday’s meeting is to outline the government’s plans for the 2025 budget.
The meeting comes after President Tinubu’s recent trip to Saudi Arabia for the Arab-Islamic conference and the postponement of the FEC meeting last week in honour of the late Chief of Army Staff, Lt.-Gen. Taoreed Lagbaja.
Persecondnews reports that this meeting marks a significant milestone in the country’s budgetary process, as it sets the stage for the upcoming fiscal year.
The FEC meeting will review the implementation and performance of the 2024 budget, identifying areas of success and challenges.
This assessment will inform the agenda for the 2025 budget, ensuring that the government builds upon its accomplishments and addresses any shortcomings.
The proposed 2025 budget will be submitted to the National Assembly for approval, followed by preparation and presentation for passage.
Nigeria has adopted a January-to-December budgetary cycle, requiring all preparations and passage of the 2025 budget to be completed by December 31, 2024.
Persecondnews gathered that the Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, will brief FEC about the monumental feat achieved by the Nigerian National Petroleum Company Limited (NNPC Ltd).
More to follow…
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