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 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 that while the Council set an oil production benchmark of 2.06 million barrels per day for 2026, fiscal planning is based on a cautious 1.8 million barrels per day.
Bagudu stated that 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 that based on the assumptions, total revenue accruing to the federation in 2026 was estimated at ₦50.74 trillion, to be shared among the three tiers of government.
He added that statutory transfers are expected to amount to roughly ₦3 trillion, while debt servicing was projected at ₦10.91 trillion.
The MTEF also projected that nominal GDP will reach over ₦690 trillion in 2026 and climb to ₦890.6 trillion by 2028, with the GDP growth rate projected at 4.6 percent in 2026.
