Nigeria FEC Approves 2026-2028 MTEF
Analysis based on 8 articles · First reported Dec 03, 2025 · Last updated Dec 04, 2025
The approval of Nigeria's 2026-2028 Medium-Term Expenditure Framework by the Nigeria — Executive Council provides clarity on the nation's fiscal policy, revenue projections, and spending priorities, which can influence investor confidence and market stability. The set oil benchmarks and exchange rates will directly impact the revenue streams and economic forecasts for Nigeria, affecting various sectors.
The Nigeria — Executive Council (FEC) of Nigeria approved the 2026-2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper. This framework outlines Nigeria's economic assumptions, revenue outlook, and spending priorities for the next three years. Key parameters include a projected revenue of ₦34.33 trillion for 2026, an oil production target of 2.06 million barrels per day (with 1.8 million bpd for budgeting), an oil benchmark price of $64 per barrel, and an exchange rate of ₦1,512 to the dollar. The FEC, presided over by President Bola Tinubu, also approved a $100 million African Development Bank facility for the Nigeria Youth Investment Fund and an Islamic Development Bank facility for an agricultural project in Nigeria — Yobe State. Ministers Abubakar Atiku Bagudu and Wale Edun provided details on the approvals, with President Bola Tinubu emphasizing the need for economic transformation and curbing revenue leakages.
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