FEC approves N47.96tn 2025 budget, renames University of Abuja after Gen. Gowon

The Federal Executive Council (FEC) has approved a budget proposal of N47.96 trillion for the 2025 fiscal year. This decision came during FEC’s final meeting of 2024, presided over by President Bola Tinubu.

Minister of Budget and Economic Planning, Senator Atiku Bagudu, shared details after the meeting.

He explained that the 2025 budget framework is based on an oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, and an exchange rate of N1,400 to the dollar.

Bagudu said, “The 2025 budget proposal articulates the federal government’s financial plan for the 2025 fiscal year and aligns with the renewed hope agenda and the national development plan, 2021-2025.” He added that the projected total revenue is N34.82 trillion, with an expenditure of N47.96 trillion, representing a 36.8% increase from 2024. The budget deficit stands at N13.13 trillion, or 3.89% of GDP.

He noted that despite inheriting a deficit of N6.1 trillion from the 2023 budget, the administration managed the deficit effectively in 2024. President Tinubu also made some adjustments to the budget before its approval.

The presentation of the budget to the National Assembly has been rescheduled to Wednesday, December 18, 2024. Minister of Information and National Orientation, Mohammed Idris, explained that the change is due to ongoing discussions with the National Assembly to confirm a suitable date and time.

Renaming of University of Abuja

FEC approved renaming the University of Abuja to Yakubu Gowon University to honor former Head of State, General Yakubu Gowon. The decision recognizes his role in maintaining Nigeria’s unity during the civil war and for initiatives like the National Youth Service Corps (NYSC).

Minister of Education, Dr. Tunji Alausa, said, “President Tinubu moved a motion for the renaming of the University of Abuja at the council meeting and the council approved that the University of Abuja be renamed Yakubu Gowon University, and FEC unanimously approved the motion.”

The change will require legislative approval from the National Assembly. Dr. Alausa praised President Tinubu’s increased funding for education and human capital development.

Free Train Services for Christmas 

To ease transportation costs during the Christmas period, FEC approved free train services nationwide from December 20, 2024, to January 6, 2025.

Idris said, “Government is also happy to announce that, as we did last year, there will be free train service to all Nigerians from the 20th up until the 6th January.” However, this initiative will not include free road transport services for cities without trains.

FEC Recess

FEC announced that cabinet members will go on recess starting December 18, 2024, and resume on January 6, 2025.

Governor Mutfwang Commends Tinubu

Plateau State Governor, Caleb Mutfwang, praised President Tinubu for renaming the University of Abuja after General Gowon. He described the honor as a recognition of Gowon’s contributions to Nigeria’s unity and peace.

“General Yakubu Gowon is a cherished father figure and a beacon of peace to millions of Nigerians,” Mutfwang said, adding that Gowon’s leadership left a lasting mark on Nigeria’s history.

The governor congratulated Gowon, praying for continued good health and strength for the elder statesman