House of Reps Walks Out FIRS Chairman Over ‘Arrogance’, Delays in Zonal Project Funding

Members of Nigeria’s House of Representatives walked out Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji during a closed-door session after accusing him of arrogance while responding to budget-related questions. The lawmakers expressed frustration over prolonged delays in the release of funds for zonal intervention projects, which have left contractors unpaid for weeks. Finance Minister Wale Edun briefed the House, assuring that the 2024 budget would be fully funded within 48 hours, while the 2025 budget will be extended to April with partial releases starting immediately. Legislators insisted that all outstanding commitments must be met before they consider receiving the 2026 budget proposal.

FG Sets N1,512/$ Exchange Rate Target for 2026 in New Fiscal Framework

The Federal Government has unveiled a new exchange rate projection of N1,512 per dollar for the 2026 budget under the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP). The plan also includes a conservative oil price benchmark of $64.85 per barrel, and two production targets: 2.06mbpd (target) and 1.80mbpd (benchmark).
According to Minister of Budget and Economic Planning, Atiku Bagudu, Nigeria is projecting GDP growth of 4.68%, gross federation revenue of N50.74 trillion, and a federal budget deficit of N20.10 trillion. Major spending areas include debt servicing, statutory transfers, and recurrent expenditure.
The announcement comes as Nigeria’s external reserves rise to $42.2 billion, strengthening the country’s FX stability outlook.

Today, I presented the 2026 Budget Estimates of ₦1.6 trillion to the Delta State House of Assembly. The 2026 Budget of Accelerating the MORE Agenda is centred on making life better for Deltans and residents.

Governor Sanwo-Olu presents N4.237 trillion 2026 budget proposal to Lagos Assembly