Tinubu Presides As FEC Meets At State House, Approves Major Economic Measures — Momoh’s Role Underscores Regional Development Priorities(Video)

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The Federal Executive Council (FEC) on Wednesday held its 10th meeting of 2025, rising after several hours of deliberation during which it approved a $100 million African Development Bank (AfDB) loan for the Youth Investment Fund to support entrepreneurs aged 18 to 35 across MSMEs.

The meeting, held at the Council Chambers of the State House, Abuja, was presided over by President Bola Ahmed Tinubu, with Vice President Kashim Shettima, the SGF, Senator George Akume, and the Chief of Staff, Femi Gbajabiamila, in attendance.
Also present was the Minister of Regional Development, Engr. Abubakar Momoh FNSE, whose participation reflects the administration’s growing focus on balanced regional development and stronger inter-ministerial coordination. His interactions with colleagues before proceedings underscored the collaborative spirit driving the Renewed Hope agenda.

FEC approved major economic measures, including the rollout of the Youth Investment Fund and fresh Islamic Development Bank financing for agricultural development. The Council also adopted the 2026–2028 Medium-Term Expenditure Framework, with President Tinubu directing a stronger focus on growth-driven spending, legacy infrastructure and tighter revenue management. Updated NBS data showed 3.89% economic growth in Q3 2025, while the 2024 capital budget is almost fully implemented.

Budget Minister Atiku Bagudu outlined key 2026 assumptions — oil at $64.85 per barrel, 1.8 million barrels per day production and a projected federal revenue of N34.33 trillion. He noted strengthened fiscal–monetary coordination and renewed efforts to curb leakages, aligning closely with the Regional Development Ministry’s mandate where Momoh remains central.

Council also received sectoral updates: over 4,000 PHCs completed, 8,000 more underway, expanded immunisation covering 14 million children, approval for nationwide agricultural mechanisation centres and the deployment of 4,000 communication towers to underserved communities.

Earlier, President Tinubu swore in five new Permanent Secretaries and the new Chairman of the National Population Commission. The meeting also observed a minute of silence for Ambassador Joy Uche Ogwu.

Osigwe Omo-Ikirodah reporting from the State House for iReporteronline.