FEC - capitaltimesnews.com

FEC APPROVES N58.47 TRILLION 2026 BUDGET, REVISES EXCHANGE RATE ASSUMPTION

CapitalTimesNews / 2 months

1 min read

The Federal Executive Council has approved the 2026 Appropriation Bill of N58.47 trillion. The emergency meeting was chaired by Vice President Kashim Shettima hours before President Bola Tinubu presented the budget to the National Assembly. Briefing journalists after the meeting, the Minister of Information and National Orientation, Mohammed Idris, stated that the 2026 budget proposal was the only item considered by the Council. The Minister of Budget and Economic Planning announced a key revision to the budget’s underlying assumptions. The Council revised the exchange-rate assumption downward from N1,512 to N1,400 per US dollar. This revision necessitated consequential adjustments to the overall budget size. Providing further details, the Director-General of the Budget Office, Tanimu Yakubu, said the total expenditure is projected at N58.47 trillion. This figure represents a six per cent increase over the 2025 budget. The total includes N4.98 trillion allotted for government-owned enterprises and N1.37 trillion for grant- and donor-funded projects. The approval and revisions finalize the executive’s framework ahead of the budget’s transmission to the legislature for consideration.

SPECIAL FEC SESSION TO HONOUR LATE PRESIDENT BUHARI SET FOR THURSDAY

CapitalTimesNews / 7 months

1 min read

A special session of the Federal Executive Council (FEC) in honour of former President Muhammadu Buhari will now take place on Thursday, July 17, at 1 pm. This was disclosed by presidential adviser Bayo Onanuga on his official X handle. According to Onanuga, President Bola Tinubu will lead the session, which will be dedicated to paying tribute to the late former president. The session was originally scheduled for Tuesday but was postponed to avoid a clash with Buhari’s state funeral in Daura, Katsina State, where he was buried in line with Islamic rites. The FEC session will be a tribute to Buhari’s legacy and contributions to Nigeria. President Tinubu had earlier declared a seven-day national mourning and ordered flags to be flown at half-staff across the country. A state funeral was held in Daura on Tuesday, with President Tinubu in attendance. The postponement of the FEC session was announced earlier by Onanuga, who cited the state funeral as the reason for the delay. “The Office of the Secretary to the Government of the Federation will announce a new date after the funeral proceedings,” he said. The new date has now been fixed for Thursday, July 17.

FEDERAL EXECUTIVE COUNCIL APPROVES MASSIVE INFRASTRUCTURE SPENDING

CapitalTimesNews / 9 months

2 min read

The Federal Executive Council has approved over ₦689 billion for critical national infrastructure projects, alongside separate approvals worth $672 million for projects in the power and aviation sectors. Minister of Works, Dave Umahi, disclosed that the council approved major spending on road infrastructure, including a revised contract for the East-West road project. The East-West road contract was revised upward to ₦175 billion due to flood damage, while ₦208 billion in road palliatives has been submitted for presidential sign-off. Umahi noted that 19 road and bridge projects are now ready for commissioning across all six geopolitical zones. In aviation, the council approved three major memos to modernize Nigeria’s aviation infrastructure and safety systems in line with international standards. These include: – *Total Radar Coverage Modernization for NAMA*: The council approved a contract worth €14,428,218.17, equivalent to ₦28,039,080,799.40, for the modernization of the Nigeria Airspace Management Agency’s radar system. – *Baggage Handling System at MMIA*: A contract worth ₦3,615,265,710.69 was approved for the supply and installation of a baggage handling system at the Murtala Mohammed International Airport in Lagos. – *Disabled Aircraft Recovery System at Nnamdi Azikiwe International Airport*: The council approved a contract worth ₦2,209,593,428.08 for the manufacture, supply, installation, and operating training of a disabled aircraft recovery system. Umahi emphasized the federal government’s commitment to infrastructure development, stating that all projects are being executed within budgetary allocations to ensure timely completion.

PRESIDENT TINUBU RESUMES FEDERAL EXECUTIVE COUNCIL MEETINGS AFTER TWO-MONTH HIATUS

CapitalTimesNews / 9 months

1 min read

President Bola Tinubu has resumed chairing the Federal Executive Council (FEC) meetings after a nearly two-month hiatus. The meeting, which was previously scheduled to focus on policy-driven discussions, saw the President swear in newly appointed commissioners of the National Assembly Service Commission and permanent secretaries-designate. Senate President Godswill Akpabio witnessed the ceremony, which took place before the FEC meeting moved behind closed doors. The last cabinet meeting held on March 5 focused on streamlining FEC deliberations, with the President proposing changes to shift attention away from routine procurement matters to more policy-driven discussions. According to the proposed changes, only high-value contracts will reach the Council for approval, making room for more critical policy discussions at the highest level of government. The break in meetings followed the Ramadan season and a string of overseas travels by the President. The FEC meeting is expected to discuss key policy issues affecting the country, building on previous efforts to improve governance and decision-making. With Vice President Kashim Shettima absent due to official assignments in Dubai and Saudi Arabia, President Tinubu is set to present the 2025 Appropriation Bill to the National Assembly on Tuesday, following the FEC meeting.

NIGERIA LAUNCHES PUBLIC-PRIVATE PARTNERSHIP TO TRANSFORM CULTURAL, TOURISM, CREATIVE SECTORS

Nicolas Adekeye / 12 months
0
2 min read

The Federal Executive Council (FEC) has approved the establishment of the Creative and Tourism Infrastructure Corporation (CTIC), a Special Purpose Vehicle (SPV) designed to bridge the infrastructure gap in Nigeria’s tourism and creative industries. This initiative, spearheaded by the Minister of Art, Culture, Tourism, and the Creative Economy, Hannatu Musawa, aims to drive economic diversification, job creation, and cultural preservation. The CTIC will operate under a public-private partnership model, attracting local and international investors to fund and develop world-class infrastructure that supports the creative sector. The goal is to generate $100 billion for the Nigerian economy and create 2 million jobs, aligning with Presidential Priority 7 on economic diversification. Minister Hannatu Musawa emphasized the importance of modern infrastructure in unlocking Nigeria’s full creative potential. “Everyone recognizes Nigeria’s creativity—our films, music, and fashion dominate globally. But without the right infrastructure, we can’t maximize this potential. Imagine if ‘Detty December’ in Lagos had world-class venues—the economic impact would be exponential,” she said. The CTIC will engage in strategic partnerships with organizations such as AFREXIM, IFC, World Bank, AfDB, AFD, EU, Ford & Rockefeller Foundations, and UNESCO for funding and expertise. The Nigerian Government will hold a 25-49% minority stake in the CTIC through the Ministry of Finance Incorporated (MOFI), ensuring private-sector efficiency and leadership. Flagship projects under the CTIC include the rehabilitation of Obudu Resort and Yankari Game Reserve, development of Abuja Creative City, creation of 5,000 cinema screens nationwide, and the launch of a Centre for African Arts. The CTIC approval marks a significant shift towards making Nigeria a global hub for tourism, film, music, and cultural heritage, positioning the country as a leading player in the global creative economy.

ICPC ARRESTS FORMER NIMASA...

NIGERIA, SAUDI ARABIA DEEPEN...

SAIF AL-ISLAM GADDAFI SHOT...

WORLD BANK HAILS NIGERIA...

US MILITARY CONFIRMS DEPLOYMENT...

FRESH ATTACK IN KATSINA:...

FEC APPROVES N58.47 TRILLION 2026 BUDGET, REVISES EXCHANGE RATE ASSUMPTION

SPECIAL FEC SESSION TO HONOUR LATE PRESIDENT BUHARI SET FOR THURSDAY

FEDERAL EXECUTIVE COUNCIL APPROVES MASSIVE INFRASTRUCTURE SPENDING

PRESIDENT TINUBU RESUMES FEDERAL EXECUTIVE COUNCIL MEETINGS AFTER TWO-MONTH HIATUS

NIGERIA LAUNCHES PUBLIC-PRIVATE PARTNERSHIP TO TRANSFORM CULTURAL, TOURISM, CREATIVE SECTORS

ICPC ARRESTS FORMER NIMASA DG, NAAHIR.

NIGERIA, SAUDI ARABIA DEEPEN COOPERATION ON.

SAIF AL-ISLAM GADDAFI SHOT DEAD AT.

WORLD BANK HAILS NIGERIA AS GLOBAL.

Pages

Categories

Recent Posts

GIRL CHILD EDUCATION AND SANITARY PAD SENSITIZATION CRUCIAL FOR FUTURE – PRINCESS JOY IDAM

Friday Lines (37) With: Dr Abubakar Alkali. An Open Letter to Ms Kemi Badenoch