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FEC Approves N54tn Spending Plan In 2026–2028 MTEF

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The Federal Executive Council has approved the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper, outlining a N54.43 trillion spending plan for the 2026 fiscal year.

The Minister of Budget and Economic Planning, Atiku Bagudu, announced this after Wednesday’s FEC meeting at the Presidential Villa, Abuja.

Bagudu said the framework was prepared with contributions from government agencies, private-sector stakeholders, civil society groups and development partners.

ALSO READS: JUST IN: Political Shake-Up As Atiku Abubakar Officially Joins ADC

It will be forwarded to the National Assembly on or before December 8.

A key highlight of the new framework is the adoption of two oil output figures:

2.06 million barrels per day as the national production target, and

1.80 million barrels per day as the benchmark for budgeting to avoid revenue shortfalls.

The government also set a conservative oil price benchmark of $64.85 per barrel, which Bagudu said is lower than Nigeria’s typical crude oil earnings but necessary for prudent planning.

Other assumptions for 2026 include a projected economic growth rate of 4.68% and an exchange rate benchmark of N1,512 per dollar, which the minister noted may be affected by pre-election spending.

The Federation’s gross revenue for 2026 is projected at N50.74 trillion, with the Federal Government expected to receive N22.60tn, states N16.30tn, and local governments N11.85tn.

Total federal revenue from all sources is estimated at N34.33 trillion, including nearly N5tn from government-owned enterprises. Bagudu said this represents a 16% drop from projected revenue for 2025.

Major spending items include debt servicing: N15.91tn, Non-debt recurrent costs: N15.27tn, Statutory transfers: roughly N3tn.

Nigeria is expected to run a N20.10 trillion deficit in 2026, equivalent to 3.61% of GDP.

Bagudu added that President Bola Tinubu has secured approval from the National Economic Council for better coordination of fiscal and monetary policies, and increased funding for security, including the rehabilitation of training institutions for security agencies.

The minister said the framework integrates stakeholder recommendations and includes an assessment of the 2025 budget’s implementation.

The MTEF/FSP will guide the preparation of the 2026 national budget.

NEWS

Global Crisis: Attacks on Schools Skyrocket 166% – UN Sounds Alarm on Children’s Safety

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The United Nations has raised the alarm over a dramatic surge in attacks on schools worldwide, reporting a 166% increase between 2021 and 2024.

The rise highlights the escalating dangers faced by children in conflict zones.

United Nations Deputy High Commissioner for Human Rights, Nada Al-Nashif, revealed the figures during the annual meeting of the UN Human Rights Council on the rights of the child on Monday.

SEE MORE: The African Union and the United Nations sign an Agreement on preventing and responding to sexual violence in Africa

The session, themed “Mainstreaming the Rights of Children in Armed Conflict: Prevention and Protection,” focused on protecting children amid global conflicts.

Al-Nashif noted that the attacks were particularly concentrated in Sudan, Ukraine, the Gaza Strip, Myanmar, and Ethiopia, where children remain among the most vulnerable victims.

“In 2024, armed conflict directly affected nearly one in six children globally—about 470 million children,” she said. “Years of lost education, trauma, and lasting mental scars shape societies for generations. Long after the fighting subsides, children continue to face deadly risks.”

She highlighted Gaza as having the world’s highest number of child amputees per capita, warning that the impact of war goes far beyond immediate violence.

In Lebanon, government figures show that more than 450,000 people were displaced in less than a week, with at least 394 fatalities, including 83 children, during the 2024 conflict with Israel.

Al-Nashif also stressed the disproportionate risks for displaced children, who are more likely to die from disease linked to unsafe water and sanitation than from direct violence.

In the Democratic Republic of Congo, a 2025 cholera outbreak killed 340 children, underscoring the long-term consequences of conflict.

She called on states to uphold their international obligations to protect children, insisting that protecting children is “both a legal obligation and a humanitarian moral imperative.”

Also speaking at the council, Vanessa Frazier, Special Representative of the UN Secretary-General for Children and Armed Conflict, warned that violence against children continued at extreme levels in 2025.

She urged mainstreaming child protection across peace, security, humanitarian, human rights, and development efforts, emphasizing that children should actively participate in shaping policies designed to safeguard them.

Frazier highlighted her office’s global campaign, “Prove It Matters,” aimed at amplifying children’s voices in conflict resolution and peacebuilding.

The UN report underscores the urgent need for coordinated international action to protect children and ensure their safety in conflict zones worldwide.

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International News

After Turbulent Elections, Portugal Swears In Seguro as President

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Portugal officially inaugurated its new president, Antonio Jose Seguro, on Monday, pledging to bring stability to a nation shaken by political uncertainty and natural disasters.

Seguro, the centre-left candidate, won last month’s presidential run-off against far-right rival Andre Ventura, following weeks of catastrophic storms that killed at least seven people and caused approximately €4 billion ($4.6 billion) in damage.

Speaking at his swearing-in ceremony in Lisbon’s parliament, Seguro emphasized cooperation with the minority right-wing government and vowed to end the country’s “electoral frenzy.”

SEE MORE: Spain, Portugal Plunge Into Darkness Amid Widespread Power Outage

“I will do everything I can to put an end to this electoral frenzy,” he said, pointing to the inability of previous governments to complete their terms.

Amid global crises, including conflicts in the Middle East and a more isolationist US approach under President Donald Trump, Seguro stressed the importance of multilateralism.

“The force of law has been replaced by the power of the strongest,” he remarked.

Seguro succeeds Marcelo Rebelo de Sousa, a conservative who leaves office at 77 after serving two five-year terms.

While the Portuguese presidency is largely ceremonial, Seguro’s leadership signals a commitment to political stability and international engagement.

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NEWS

JUST IN: Nigerians Reeling as Dangote Sparks Another Spike in Fuel Prices

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Nigerians are facing yet another economic blow as petrol prices surge again. The Dangote Petroleum Refinery has raised the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third increase in just one week.

The latest adjustment, announced to marketers on Monday, follows a temporary suspension of petrol sales at the refinery on Sunday. Diesel, also known as Automotive Gas Oil, has also been revised upwards to N1,620 per litre.

ALSO READ: NNPC, Dangote Team Up to Power Nigeria’s Energy Future

A senior refinery official, speaking on condition of anonymity, confirmed the hike, noting that it reflects “prevailing market fundamentals and the cost environment we are currently operating in.”

Industry checks show that depot pricing systems have already updated the new rates, signaling an inevitable rise at retail stations.

In some cities, petrol is now being sold at over N1,200 per litre, adding pressure on Nigerian motorists and businesses alike.

This repeated surge comes after earlier increases that pushed gantry prices from N774 to N995 per litre earlier this week.

Experts warn that the hikes are likely to drive up transportation, logistics, and production costs, potentially impacting the prices of goods and services nationwide.

While the Federal Government, through the Nigerian National Petroleum Company Limited (NNPC), is working to secure crude supplies for the refinery via international traders, officials cautioned that this may not immediately reduce prices for consumers.

 

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