The Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF).
The document outlines the Federal Government’s revenue projections, fiscal assumptions, and spending priorities.
Speaking with State House Correspondents shortly after the meeting, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, said the document was jointly presented by the Budget Office of the Federation, led by its Director-General, Tanimu Yakubu, in collaboration with officials of the Ministry of Budget and Economic PlanningThe Minister provided insight into revenue projections, oil production ceilings, and the oil benchmark price.
According to the former Kebbi State governor, the government expects to generate ₦34.33 trillion in revenue in 2026, reflecting diversification from the country’s mono-cultural economic structure and improvements in tax administration to deepen non-oil revenue earnings.
While he stated that 1.8 million barrels of crude oil per day will be used for budget planning, he restated the Tinubu administration’s resolve to achieve a production target of 2.06 million barrels per day in 2026.
The Minister revealed that an oil benchmark price of $64 per barrel was approved, alongside a projected exchange rate of ₦1,512 to the dollar.
He told newsmen that the Medium-Term Fiscal Expenditure Ceiling (MFTEC) was reached after extensive deliberations among cabinet members.
His counterpart in the Ministry of Finance, Wale Edun, disclosed that the FEC approved a $100 million African Development Bank facility under the Nigeria Youth Investment Fund to support entrepreneurs aged 18 to 35, particularly those operating small and medium-scale businesses.
The FEC also approved an Islamic Development Bank facility for an integrated agricultural development project in Yobe State to bolster food production and rural livelihoods.
Edun, who noted that President Tinubu was not satisfied with the current economic growth levels, which fall short of his 7 percent target, added that the President has directed Ministries, Departments, and Agencies (MDAs) to focus capital spending on growth, enhancing and job-creating projects.
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