The Nigerian Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) with a revenue projection of ₦34.33 trillion in 2026.
Nigeria’s Minister of Budget and Economic Planning, Sen. Atiku Bagudu, told journalists on Wednesday after the meeting of the FEC presided over by President Bola Tinubu that the MTEF outlined the revenue projections, fiscal assumptions and spending priorities for the next three years.
He explained that the Nigerian Government expects to generate ₦34.33 trillion in revenue in 2026.
According to Bagudu, the total Federal Government of Nigeria’s revenue from all sources is projected at N34.33 trillion, inclusive of N4.98 returned by government-owned enterprises.
“And this figure is lower by N6.55 trillion. So, according to the Federal Government, the Federal Government allocating it will be N9.4 trillion, or 16% lower than that of the 2025 budget estimate.
“And the Federal Government expenditure breakdown by major heads shows that the statutory transfers will be around N3 trillion,” he said.
He disclosed that the Council adopted an oil production target of 2.6 million barrels per day for 2026, while a lower 1.8 million barrels per day would be used for budgeting, while an oil benchmark price of $64 per barrel and an exchange rate of ₦1,512 to the dollar were also approved.
He explained that the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
GIK/APA