Tag: Federal Executive Council

Posted on by — Leave a comment

Edun resigns from cabinet as Tinubu elevates Oyedele to Finance Minister

President Bola Tinubu has approved a minor cabinet reshuffle in the Federal Executive Council, which led to the exit of the Minister of Finance and Coordinating Minister for the Economy, Wale Edun and the Minister of Housing and Urban Development Ministry, Ahmed Dangiwa.

According to a statement from the Special Adviser, Media and Publicity to the Secretary to the Government of the Federation, Yomi Odunuga, on Tuesday, the memo signed by the Secretary to the Government of the Federation, Senator George Akume, indicated that two cabinet members, Mr. Wale Edun and Architect Ahmed Dangiwa are to leave the cabinet while their replacements have been named.

Edun, until the latest development, was the Minister of Finance and Coordinating Minister for the Economy. He has been directed to hand over to Mr Taiwo Oyedele, who is now to take over as Minister of Finance and Coordinating Minister of the Economy. Oyedele was formerly a Minister of State in the ministry.

Also, Mr Muttaqha Rabe Darma (PhD) has been named as the ministerial nominee and minister designate for the Housing and Urban Development Ministry.

The memo stated that “all handing over and taking over processes should be completed on or before the close of business on Thursday, 23rd April, 2026.”

Explaining the President’s decision, Akume said: “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”

He said the President, in approving the cabinet reshuffle, has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended).

The President thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours.

The President, Akume, noted, equally assured all cabinet members that “the process of reinvigoration shall be continuous.” (TVCNews)

Posted on by — Leave a comment

FEC approves 2026-2028 MTEF, projects ₦34trn revenue

The Federal Executive Council (FEC) has approved the 2026-2028 medium-term expenditure framework (MTEF), outlining Nigeria’s economic outlook, revenue targets, and spending priorities for the next three years.

Briefing journalists after the FEC meeting on Wednesday in Abuja, the Minister of Budget and National Planning, Atiku Bagudu, said oil price was pegged at $64 per barrel, while the exchange rate assumption for the budget year is ₦1,512/$.

He said while the council set an oil production benchmark of 2.06 million barrels per day for 2026, the fiscal planning is based on a cautious 1.8 million bpd.

Bagudu stated the exchange rate projection reflects the fact that 2026 precedes a general election year, adding that all the assumptions were drawn from detailed macroeconomic and fiscal analyses by the budget office and its partner agencies.

According to the minister, inflation is projected to average 18 percent in 2026.

Bagudu said based on the assumptions, the total revenue accruing to the federation in 2026 was estimated at N50.74 trillion, to be shared among the three tiers of government.

“From this projection, the federal government is expected to receive ₦22.6 trillion, states ₦16.3 trillion, and local governments ₦11.85 trillion,” he said.

“When revenues from all federal sources are consolidated, including ₦4.98 trillion from government-owned enterprises, total Federal Government revenue for 2026 is projected at ₦34.33 trillion —representing a ₦6.55 trillion or 16 percent decline compared to the 2025 budget estimate.”

The minister said statutory transfers are expected to amount to roughly ₦3 trillion, while debt servicing was projected at ₦10.91 trillion.

He said non-debt recurrent spending — covering personnel costs and overheads — was put at ₦15.27 trillion, while the fiscal deficit for 2026 is estimated at N20.1 trillion, representing 3.61 percent of gross domestic product (GDP).

The MTEF also projected that nominal GDP will reach over ₦690 trillion in 2026 and climb to N890.6 trillion by 2028, with the GDP growth rate projected at 4.6 percent in 2026.

The non-oil GDP is also expected to grow from ₦550.7 trillion in 2026 to ₦871.3 trillion in 2028, while oil GDP is estimated to rise from ₦557.4 trillion to ₦893.5 trillion over the same period. (Channels)

Posted on by — Leave a comment

Buhari left his boots in corridors of power – Akpabio

Senate President Godswill Akpabio on Thursday paid tribute to the late President Muhammadu Buhari, describing him as a man of discipline and integrity who left a lasting imprint on Nigeria’s leadership.

Speaking during the special session of the Expanded Federal Executive Council meeting held in Buhari’s honour, Akpabio said the former president may not have been perfect, but he stood firmly for discipline, honour and patriotism.

“President Buhari did not merely pass through the corridors of power. He left his boots and his imprints in them. Buhari was not perfect. No leader is. But he was principled. He stood for something.

‘In a world where it is easy to chase headlines, he chose instead to chase honour. Where others sought glory, he sought duty,” Akpabio said.

The Senate President, who once served as a minister under Buhari’s administration, described the late leader as austere and unflamboyant, yet driven by a deep sense of duty and patriotism.

Akpabio said, “As a minister in his cabinet, appointed by him, I saw President Buhari unplugged. He was not flamboyant—far from it. His voice was measured. His steps, deliberate. His public demeanour, austere.

“But beneath that calm exterior beat the heart of a patriot—unyielding, unbending, and utterly uninterested in personal comfort when duty called.”

He added that Buhari’s legacy was not only in his achievements but also in the moral standard he upheld in governance.

“He believed that discipline mattered. That integrity mattered. That leadership, even when lonely, must be anchored in something greater than power,” he stated.

Akpabio acknowledged that Buhari’s style may have attracted criticism but maintained that even his critics could not question his moral uprightness.

He said, “Let us be honest—he was tough. He was a soldier who did not flinch under fire, a leader who did not flee from responsibility, and above all, a Nigerian whose loyalty to this nation was never up for sale.

“And yes, some disagreed with him. That is the nature of democracy. But even his fiercest critics will admit: he did not pilfer the nation’s purse, nor pander to its pleasures. He remained, to the very end, a sentinel of Spartan simplicity and austere integrity.”

Akpabio concluded that Buhari’s name would be remembered in history not for flamboyance or fanfare, but for his resolute commitment to national duty.

“Let it be said by generations to come, that a man once walked this land with a firm gait, a steady gaze, and an iron sense of duty. His name was Muhammadu Buhari,” he stated. (Punch)