The Federal Government Council (FEC) on Wednesday accepted the 2026–2028 Medium-Time period Expenditure Framework (MTEF), outlining income projections, fiscal assumptions and spending priorities for the following three years.
The Minister of Funds and Financial Planning, Sen. Atiku Bagudu, briefed State Home Correspondents after the assembly, which was presided over by President Bola Tinubu.
He mentioned the Federal Authorities expects to generate ₦34.33 trillion in income in 2026.
Bagudu mentioned, “So, accordingly, the full Federal Authorities of Nigeria income from all sources is projected at $34.33 trillion, inclusive of $4.98 returned by government-owned enterprises.
“And this determine is decrease by $6.55 trillion. In keeping with the Federal Authorities, its allocation shall be $9.4 trillion, 16% decrease than the 2025 finances estimate.
“And the federal authorities expenditure breakdown by main heads reveals that the statutory transfers shall be round $3 trillion.”
He mentioned the FEC adopted an oil manufacturing goal of two.6 million barrels per day for 2026, whereas a decrease 1.8 million barrels per day can be used for budgeting.
In keeping with him, an oil benchmark worth of $64 per barrel and an alternate fee of ₦1,512 to the greenback have been additionally accepted.
He mentioned the alternate fee assumption took under consideration the fiscal outlook forward of the 2027 normal elections.
The minister mentioned that every one the parameters have been based mostly on macroeconomic evaluation by the Funds Workplace and different related companies.
Bagudu mentioned FEC additionally reviewed feedback from cupboard members earlier than approving the Medium-Time period Fiscal Expenditure Ceiling (MFTEC), which units expenditure limits.
Earlier, Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economic system, mentioned the Council accepted a $100 million African Improvement Financial institution facility below the Nigeria Youth Funding Fund.
He mentioned the fund would assist entrepreneurs aged 18 to 35 engaged in small and medium-scale ventures.
Edun mentioned the FEC additionally accepted an Islamic Improvement Financial institution facility for an built-in agricultural growth venture in Yobe State.
He added, “There was additionally approval for an Islamic Improvement Financial institution assist for Yobe State, and it’s an built-in ADP, an built-in agricultural growth venture.
“And in each circumstances, these are multilateral growth companions. Their funding is concessional. It’s comparatively reasonably priced and long-term.”
Edun mentioned President Bola Tinubu acknowledged enhancements in GDP progress however maintained that the present figures stay beneath his goal.
He mentioned, “The president directed MDAs to prioritise capital spending on initiatives that stimulate progress and generate employment.”
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