Federal Executive Council Archives

The Federal Executive Council (FEC) has approved the 2026-2028 medium-term expenditure framework (MTEF), outlining Nigeria’s economic outlook, revenue targets, and spending priorities for the next three years.

Briefing journalists after the FEC meeting on Wednesday in Abuja, the Minister of Budget and National Planning, Atiku Bagudu, said oil price was pegged at $64 per barrel, while the exchange rate assumption for the budget year is ₦1,512/$.

He said while the council set an oil production benchmark of 2.06 million barrels per day for 2026, the fiscal planning is based on a cautious 1.8 million bpd.

Bagudu stated the exchange rate projection reflects the fact that 2026 precedes a general election year, adding that all the assumptions were drawn from detailed macroeconomic and fiscal analyses by the budget office and its partner agencies.

According to the minister, inflation is projected to average 18 percent in 2026.

Bagudu said based on the assumptions, the total revenue accruing to the federation in 2026 was estimated at N50.74 trillion, to be shared among the three tiers of government.

“From this projection, the federal government is expected to receive ₦22.6 trillion, states ₦16.3 trillion, and local governments ₦11.85 trillion,” he said.

“When revenues from all federal sources are consolidated, including ₦4.98 trillion from government-owned enterprises, total Federal Government revenue for 2026 is projected at ₦34.33 trillion —representing a ₦6.55 trillion or 16 percent decline compared to the 2025 budget estimate.”

The minister said statutory transfers are expected to amount to roughly ₦3 trillion, while debt servicing was projected at ₦10.91 trillion.

He said non-debt recurrent spending — covering personnel costs and overheads — was put at ₦15.27 trillion, while the fiscal deficit for 2026 is estimated at N20.1 trillion, representing 3.61 percent of gross domestic product (GDP).

The MTEF also projected that nominal GDP will reach over ₦690 trillion in 2026 and climb to N890.6 trillion by 2028, with the GDP growth rate projected at 4.6 percent in 2026.

The non-oil GDP is also expected to grow from ₦550.7 trillion in 2026 to ₦871.3 trillion in 2028, while oil GDP is estimated to rise from ₦557.4 trillion to ₦893.5 trillion over the same period. (Channels)

Senate President Godswill Akpabio on Thursday paid tribute to the late President Muhammadu Buhari, describing him as a man of discipline and integrity who left a lasting imprint on Nigeria’s leadership.

Speaking during the special session of the Expanded Federal Executive Council meeting held in Buhari’s honour, Akpabio said the former president may not have been perfect, but he stood firmly for discipline, honour and patriotism.

“President Buhari did not merely pass through the corridors of power. He left his boots and his imprints in them. Buhari was not perfect. No leader is. But he was principled. He stood for something.

‘In a world where it is easy to chase headlines, he chose instead to chase honour. Where others sought glory, he sought duty,” Akpabio said.

The Senate President, who once served as a minister under Buhari’s administration, described the late leader as austere and unflamboyant, yet driven by a deep sense of duty and patriotism.

Akpabio said, “As a minister in his cabinet, appointed by him, I saw President Buhari unplugged. He was not flamboyant—far from it. His voice was measured. His steps, deliberate. His public demeanour, austere.

“But beneath that calm exterior beat the heart of a patriot—unyielding, unbending, and utterly uninterested in personal comfort when duty called.”

He added that Buhari’s legacy was not only in his achievements but also in the moral standard he upheld in governance.

“He believed that discipline mattered. That integrity mattered. That leadership, even when lonely, must be anchored in something greater than power,” he stated.

Akpabio acknowledged that Buhari’s style may have attracted criticism but maintained that even his critics could not question his moral uprightness.

He said, “Let us be honest—he was tough. He was a soldier who did not flinch under fire, a leader who did not flee from responsibility, and above all, a Nigerian whose loyalty to this nation was never up for sale.

“And yes, some disagreed with him. That is the nature of democracy. But even his fiercest critics will admit: he did not pilfer the nation’s purse, nor pander to its pleasures. He remained, to the very end, a sentinel of Spartan simplicity and austere integrity.”

Akpabio concluded that Buhari’s name would be remembered in history not for flamboyance or fanfare, but for his resolute commitment to national duty.

“Let it be said by generations to come, that a man once walked this land with a firm gait, a steady gaze, and an iron sense of duty. His name was Muhammadu Buhari,” he stated. (Punch)

Tag: Federal Executive Council

FEC approves 2026-2028 MTEF, projects ₦34trn revenue

Buhari left his boots in corridors of power – Akpabio