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.

FG Projects N34.33trn Revenue for 2026, Sets Exchange Rate at N1,512/$1 in New MTEF The Federal Executive Council has approved the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper, setting Nigeria’s projected revenue for 2026 at N34.33 trillion. According to Budget and Economic Planning Minister Atiku Bagudu, the framework adopts a benchmark oil production target of 2.06 million barrels per day, with a conservative 1.8 million barrels per day used for budgeting. The government also approved an oil price benchmark of $64.85 per barrel and an exchange rate of N1,512/$1, influenced partly by the upcoming 2027 general elections. The MTEF outlines key expenditure figures, including N15.91 trillion for debt servicing, N15.27 trillion for non-recurrent spending, and a fiscal deficit of N20.1 trillion. Bagudu emphasised ongoing reforms to expand non-oil revenue, strengthen tax administration, and curb leakages in the oil and minerals sectors. The government is also working with the National Assembly to restore a January–December budget cycle, with parts of the 2025 capital expenditure expected to roll over into 2026. #2026Budget #MTEF #FederalExecutiveCouncil #AtikuBagudu #WaleEdun

EXCLUSIVE: Ekiti State To Spend N12.7bn On ‘Cash Transfers’ In Three Years, Beneficiary Details Unclear A review of the Ekiti State Medium-Term Expenditure Framework (MTEF) shows the state will spend ₦12.7bn on cash transfer programmes between 2025 and 2027. The breakdown: ₦4.05bn (2025), ₦4.2bn (2026), and ₦4.5bn (2027) under the Ekiti CARES Cash Transfer Delivery Unit. However, the number of targeted beneficiaries remains unspecified. Past reviews show Ekiti awarded ₦1.074bn in seven contracts (2021–2022) for similar transfers. At the federal level, officials recently announced plans to reach 2.19m Nigerians this month alone under the National Social Investment Programme. Critics say the scheme risks the same accountability and corruption issues that have plagued past cash transfer programmes, including ghost beneficiaries and diversion of funds. #Ekiti #Nigeria #Accountability