“President Bola Tinubu Leads Federal Executive Council Meeting to Review Key Economic Initiatives”
President Bola Tinubu is set to preside over a meeting of the Federal Executive Council (FEC) today, where discussions will center on the final draft of the 2024 budget, tax reviews, and other significant economic reform initiatives.
The FEC, the highest policy-formulating body for the federal government, comprises ministers, the Governor of the Central Bank of Nigeria (CBN), the National Security Adviser, and other top government officials. Recently expanded to include Permanent Secretaries of Ministries, the aim is to enhance ministerial presentations with relevant support.
This decision follows intensive deliberations at a retreat for ministers and political appointees. BusinessDay investigations reveal that the Council will deliberate on the final proposals of the 2024 appropriation bill, which is slated for presentation to the National Assembly soon, following the recent passage of the Midterm Economic Framework and Fiscal Policy document.
Additionally, the government is reportedly working on an Emergency Economic Intervention Bill, empowering the President to take measures to strengthen the economy. The Presidential Fiscal Policy and Tax Reforms
Committee, led by Taiwo Oyedele, is expected to brief the Council on ongoing tax reforms.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), will also update the Council on policy reforms addressing foreign exchange and other macroeconomic initiatives.
The meeting will address issues related to federal government procurement policy reforms, as President Tinubu seeks to review the 2007 procurement Act. This Act, signed into law in June 2007 by former President Umaru YarAdua, has been a subject of debate due to the continued practice of FEC awarding contracts.
Despite the establishment of the National Council on Procurement with specific powers, contract awards have dominated FEC activities. The recent Cabinet retreat led to a resolve to remove contract awards from the Council’s agenda and delegate them to a specialized body.
