President Bola Tinubu on Monday chaired the weekly meeting of the Federal Executive Council (FEC) at the Council Chamber of the Presidential Villa, Abuja.
Below are the key highlights of the weekly FEC meeting, which was attended by Vice President Kashim Shettima, Secretary to the Government of the Federation (SGF), Senator George Akume, Ministers and other members of the Cabinet.
– Eight new Permanent Secretaries recently appointed following the successful scale-up of the Federal Civil Service selection process have been sworn in by President Tinubu.
– Approval of N27.5 trillion as total federal government expenditure for 2024; an increase from the N26.01 trillion previously considered by the council. The target turnover for next year was N18 trillion.
– Approval of a $1 billion concessional loan from the AfDB to support budget financing and improve foreign exchange supply. The AfDB loan carries an interest rate of 4.2% for 25 years with an eight-year moratorium.
– The Committee on Fiscal Policy and Tax Reform has proposed abolishing VAT on diesel and wants to increase the ratio of tax revenue to GDP to 18%, which is the average for Africa.
– The FEC also approved a total cap of N2 trillion to be available for use by the Ministry of Finance to enter and exit the market and essentially to reduce, where possible, interest rates on current outstanding loans.
– Approval of the signing of a bilateral air service agreement with the Republic of Guyana, concluded in 2014.
– The approval of the award of a contract worth N3.233 billion for the supply and installation of customized explosives and narcotics detection systems, with remote and dual display for the Abuja, Lagos, Kano, Port Harcourt International Airports and Enugu.
– Approval of Nigeria's draft human rights reports for onward transmission to the United Nations Human Rights Commission; the approval is for the fourth cycle of the United Nations Universal Periodic Review and in fulfillment of the practice of reporting human rights data.
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