This is an increase from the N26.01tn earlier considered by the council.

The Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed this to State House Correspondents after the close of this week’s Council meeting.

According to Bagudu, further details of the budget will be released when the President presents the budget to the National Assembly next week.

He said the MTEF which has been passed by the National Assembly was further reviewed.

Bagudu revealed that the targeted revenue for next year is N18tn.

He said, “The federal executive council considered the 2024 Appropriation bill. The MTEF was earlier approved by the National Assembly. It has an exchange rate of N700 to a dollar and a crude oil benchmark of $73.

“To improve revenue, the council further reviewed the MTEF, with an exchange rate of N750 to a dollar, and a crude oil benchmark of $77. This will significantly improve revenue.”

This is according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who spoke after the FEC meeting in Abuja on Monday.

He said the council approved the loan request during its meeting at the State House, adding that the Federal Government would begin to receive the $3.5bn “zero-interest” loan.

According to him, the loan is payable within 40 years with a 10-year moratorium which means payments would start from 2033.

“Today at the Federal Executive Council, I presented five memos which were gracefully approved by the Council. They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm,” he told State House Correspondents.

“The projects that were approved for funding were in the power sector and then the renewable energy sector. There was funding for states for resource mobilisation programmes to help them with the internally-generated revenue efforts.

“There was a project for adolescent girls’ initiative for learning and empowerment. And then finally the fifth financing that was approved was for Women project.”

He added: “So, those were five loans totalling $3.45bn. And as you know, the tenure is all around 40 years, with a moratorium period of around 10 years and interest very low, or in the cases of either loans, zero interest. However, some fees would be incurred.”

During the briefing, the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, also said FEC approved the creation of a Humanitarian and Poverty Alleviation Trust Fund.

The minister said the Fund will help the Federal Government respond promptly to humanitarian situations in Nigeria and that the government hopes to raise at least $5bn annually into it.

The President made this call on Monday during his opening statements at the inaugural Federal Executive Council (FEC) meeting held at the State House.

Tinubu specifically urged members of the FEC, including ministers, to put in substantial effort, highlighting that the hopes of Nigerians are considerably high and any form of underperformance will not be accepted.

He also reiterated his administration’s policy goals, which encompass economic reforms to achieve sustainable and comprehensive growth, as well as bolstering national security to ensure peace and prosperity.

Tinubu emphasized that the nation would heavily rely on the expertise, skill, intellect, and connections of those who have been appointed to make progress in these challenging times, and he made it clear that failure would not be excused during his tenure.

“You and I know that expectations are high, and these are tough times. We must work hard and move ourselves to create a buoyant economy that will serve Nigeria. We have an employment rate that is unacceptable, and we are facing threats from climate change.

“In order to turn things around, you have been selected to perform your utmost best. Our policy implementation will reform the economy, ensure inclusive growth, and strengthen security for peace and prosperity. Without security, there can be no investment,” the President said.

The recently inaugurated ministers were present at the inaugural FEC meeting.

The President had on August 21, 2023 sworn in 45 ministers after they were screened and cleared by the Senate.

Addressing his cabinet members, the President said, “We shall evolve a homegrown re-engineering of our finances, a reimagined stewardship of our resources, and we will let the economy work for the people of this country.

“There are so many things we can and will do. Yes, some cynics will say it is impossible. But in your own dictionary of service, everything is possible, and it must be possible.”

According to a statement by his spokesman, Ajuri Ngelale, the President expressed confidence that the carefully selected cabinet members know that his government is a new one with a new approach and a new mandate to deliver for Nigeria without any lamentation or excuses.

“We have the talent. We have the level of intellectual capacity required to turn this country around. We will make sure that the country is on the right path to succeed on behalf of more than 200 million Nigerians who rely on us,” the President affirmed.

“It is in your hands now. I am ready to listen and to cooperate. I am ready even to be corrected. Only God is perfect. You have been asked to fetch water from a dry well. The challenges are great, but we will deliver for Nigerians. I am happy to be the captain of this vehicle.

“It is a great commitment that you have made to the country. Since your inauguration as a minister, you have become a servant for the people, serving all of the people, all of the time,” the President concluded.

Additionally, the Council has sanctioned the establishment of an Aviation Leasing Company through a Public-Private Partnership. This decision aims to attract private sector investments into infrastructure development and stimulate the nation’s economic growth.

According to a statement issued by the Infrastructure Concession Regulatory Commission, the approvals were granted subsequent to the issuance of Full Business Case compliance certificates by the agency and the Federal Ministry of Aviation.

The Aviation Leasing Company, to be implemented by Messrs AJW Consortium as concessionaires, will provide opportunities for local aircraft leases to both domestic and international carriers. This initiative aims to address issues related to aircraft and engine leasing, expensive lease rates, and high insurance premiums charged to Nigerian airlines.

The statement emphasized,  “The Aviation Leasing Company will streamline the business operations for foreign lessors by offering Nigerian domestic airlines a one-stop-shop, reducing capital flight and foreign exchange demand. The project will generate employment opportunities for Nigerians, creating a positive impact on the economy.”

It further mentioned that the ALC will present leasing options for Nigerian and African airlines to expand their fleet, mitigate challenges associated with aircraft leasing and high insurance premiums, provide an alternative to foreign lessors, and introduce competition that will lead to more favorable terms and conditions, facilitating growth and development.

The spokesperson, Ifeanyi Nwoko, stated that the company plans to begin its operations by leasing 8 aircraft in the first year, gradually increasing the portfolio to 50 leased aircraft by the 7th year, and maintaining a consistent fleet size of 70 leased aircraft by 2034.

“After approximately 7 years, the company will transition from leasing to outright aircraft purchases once the portfolio exceeds 50 leased aircraft.”

Regarding the Electronic Civil Registration and Vital Statistics System, the ICRC revealed that a private sector firm, Messrs Barnksforte Technologies Limited, will inject N5.3 billion in funds.

“The project, with the National Population Commission as the grantor, aims to digitally capture and verify births and deaths in Nigeria, providing authentication and verification of certificates to end users through the platform. Previously, these registrations were conducted manually, resulting in limited coverage and inadequate data.”

The spokesperson further explained,  “The private party will be responsible for Designing, Financing, Building, Operating, and ultimately Transferring the Project to the Government after a concession period of 15 years.”

The Minister of Interior, Rauf Aregbesola, announced the FEC granted the approval on Wednesday adding that 317 of the applicants bagged their citizenship by naturalisation; while 68 received theirs by registration.

Aregbesola said all the applicants met the requirements for such an honour.

“Federal Executive Council at its meeting today approved the granting of Nigeria’s citizenship by naturalization to 317 applicants and Nigeria’s citizenship by registration to 68 applicants.

The minister also revealed that the council has equally approved a Public-Private Partnership deal for the provision of subscription-based fire safety for residential, institutional, and commercial buildings.

“This will be a public-private partnership arrangement with Hoist Life Safety System Limited. At completion, Nigerians, who so desire, would subscribe to an automatic fire alarm system that you can have in their house,” he said.

This follows the approval of funds by the Federal Executive Council at a meeting on Wednesday.

After this week’s Federal Executive Council meeting at the Presidential Villa, Babatunde Fashola, the minister of works and housing, briefed the State House reporters.

He stated that the 11 kilometers of repairs, which will span over a 24-month period, will include interchanges, ramps, and crucial links.

He noted that the action was consistent with Executive Order 11, which was signed by President Muhammadu Buhari in April 2022 and gave the nation’s national maintenance program legal standing.

The announcement comes just two weeks after the Lagos State Government announced it would carry out restoration work on the 32-year-old Bridge to fix the substructure and failing and peeled asphaltic portions.

However, Fashola argued that there will be no duplication of efforts.

The former Lagos State governor said the State’s Public Works Corporation will focus on the functional structure of the bridge such as the underwater piles, while the FG will undertake surface maintenance to treat potholes and restore missing guard rails.

He said “Council approved a fresh contract for the maintenance of the pavement of the third mainland bridge and this was approved in the sum of N6.28bn for a period of 24 months.

“I have been asked about the works that have been done on the bridge before. The works are concentrating largely on the substructure of the bridge; the underwater piles, the pile caps and also the replacement of the expansion joints and the bearings.

“These are maintenance works that are critical to the structural integrity of the bridge. What we’re dealing with now is different. It is the driving surface and also the aesthetics. Some of the rails have been stolen. Some of the pleats are misaligned at the routes that lead you on and off the bridge.”

Fashola added that there are no anticipated prolonged closures during the works.

Meanwhile, the council also approved N17.5bn variation for the contract for the construction of the old Enugu-Onitsha road whose current sum now stands at N48.99bn.

In addition, the FEC authorized the National Population Commission NPC to receive a contract worth N10.9 billion to upgrade its ICT infrastructures in advance of the National Population Census, which is scheduled for May of this year.

Garba Shehu, the President’s Senior Special Assistant on Media and Publicity, announced the clearances on behalf of some of the Ministers who had other commitments away from the Villa.

He revealed that a variation cost of N65 million had also been authorized for the purchase of fire crash tenders for a few national terminals.

FEC equally deliberated on a memo seeking approval for the procurement of 19 operational vehicles for the Nigerian Ports Authority (NPA) at a cost of N1 billion.

According to the presidential spokesman, “contract was approved for the development of external cost of infrastructure for EFCC new training academy at a cost of N3.3 billion”.

This was revealed by the Minister of Police Affairs, Maigari Dingyadi, to State House Correspondents at the conclusion of this week’s Federal Executive Council meeting, which was presided over by President Muhammadu Buhari and held at the Aso Rock Villa in Abuja.

According to him, the contract covers the hiring of underwriters and brokers for life insurance and is valid from October 26, 2022, through October 26, 2023.

He said the move is to “encourage the officers and men working to ensure the security of life and property” and to enable them to do more.

“I think we need to encourage them. And that is the essence of the memo,” he said.

This includes government officials in all ministries departments and agencies, paramilitary and intelligence agencies.

The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, disclosed this to State House Correspondents after this week’s Council meeting, chaired by Vice President Yemi Osinbajo, at the Aso Rock Villa, Abuja.

According to Ahmed, the Head of the Civil Service of the Federation, Dr Folashade Yemi-Esan, presented the memo to the council and approved insurance package will cover all government officials.

She said “The Head of Service of the Federation presented a memo to Council on Group Life Insurance Cover for the period 2022 to 2023. This is an insurance cover that is covering all government officials in all government agencies, paramilitary and intelligence agencies.

“Council approved the total sum of N9.24bn naira for the insurance cover for 2022 to 2023.

“As you know, the insurance will take effect from the date of payment and in Nigeria, by our laws, the insurance cover is 30 per cent of the annual emolument of any staff of government that is deceased and this cover is paid by the insurance company to the beneficiaries of the deceased staff”, she said.

The Minister of Education, Adamu Adamu, who disclosed this while briefing State House correspondents after the meeting, noted that the policy takes immediate effect.

He stated that the government is aware that its implementation will be difficult but it is necessary to promote the cultivation and use of all Nigerian languages.

He revealed that as of today, 29 languages have become extinct, leaving the country with 625 languages.

For this reason, he disclosed that the mother tongue will be used exclusively for the first six years of education, and then combined with the English language from Junior Secondary School.

Adamu said even though the policy has officially taken effect, it can only be fully implemented when government develops instructional materials and qualified teachers are available.

He further explained that the mother tongue to be used in each school will be the dominant language spoken by the community where it is located.

President Muhammadu Buhari presided over the Federal Executive Council Meeting on Wednesday.

Vice President Yemi Osinbajo as well as a number of cabinet members were physically in attendance.

The ministers include those of Transportation, Muazu Sambo; Information and Culture, Lai Mohammed; Special Duties and Intergovernmental Affairs, George Akume; Minister of Justice and Attorney General of the Federation, Abubakar Malami; Education, Adamu Adamu; Power, Abubakar Aliyu; state for Petroleum, Timipre Sylva.

Others are Ministers of Niger Delta affairs, Umana Umana; as well as Trade and Investment, Adeniyi Adebayo.