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FG Approves N54tn MTEF For 2026 To 2028

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The Federal Executive Council has approved the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper, fixing a conservative oil price benchmark of $64.85 per barrel and a budget exchange rate of N1,512/$1 for 2026.

Briefing State House correspondents after the Council’s meeting in Abuja on Wednesday, the Minister of Budget and Economic Planning, Atiku Bagudu, said the framework, drawn with inputs from MDAs, the private sector, civil society and development partners, will be transmitted to the National Assembly on Monday, December 8, at the latest.

Bagudu said the MTEF proposed two oil production targets, split between an ambitious 2.06 million barrels per day and a lower 1.80mbpd used for budgeting.

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For the first time, a target oil production as well as benchmark oil production were adopted.

“The target oil production is 2.06 million barrels per day, which the management of the oil industry is tasked to produce.

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However, so that we don’t run into revenue problems, we use a benchmark oil production figure of 1.8 [mbpd] for budget purposes,” Bagudu said.

On price, he added that the $64.85/bbl benchmark is deliberately below Nigeria’s typical realisations.

Even the oil benchmark of $64.85 which is being used this year, is lower than the average selling price of Nigeria’s crude oil, because Nigeria is a premium Bonny Light producer. But for an abundance of caution, we are using $64.85,” he explained.

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Bagudu noted that the 2026 macro assumptions also include a growth rate projection of 4.68 per cent and a budget exchange rate of N1,512/$1.

He noted, “Given that 2026 is a pre-election year, there is a lot of election activity spending that can typically affect the exchange rate.

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According to the minister, gross Federation revenue is estimated at N50.74tn for 2026, to be shared as follows: Federal Government, N22.60tn; states, N16.30tn; and local governments, N11.85tn.

Consequently, total Federal Government revenue from all sources is projected at about N34.33 trillion, inclusive of N4.98 trillion remitted by government-owned enterprises.

This figure is 16 per cent lower than that of the 2025 budget estimate,” Bagudu said.

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He outlined the major spending heads which include statutory transfers of around N3tn; debt service of N15.91tn; and non-debt recurrent (personnel and pensions) of about N15.27tn.

With a projected deficit of N20.10tn, about 3.61 per cent of the estimated GDP, Bagudu said the implied federal spending envelope is roughly ₦54.43tn.

READ ALSO:FG To Unveil Digital Single Travel Emergency Passport January

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The former Kebbi state governor said the draft also reviews 2025 budget implementation and embeds stakeholder inputs across the macro background, parameters and fiscal risks.

Relevant inputs from stakeholders have been integrated into the framework,” he said.

Beyond the paper, he disclosed that Tinubu has secured National Economic Council buy-in for tighter policy coordination and priority spending.

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The President called for more collaboration and coordination between fiscal and monetary policies and sought the approval of the National Economic Council to invest more in security spending, in particular, the rehabilitation of training institutions of security agencies,” Bagudu said.

READ ALSO:FG Threatens To Seize Dana Air Assets

He added that FEC endorsed increased “Federation vigilance to eliminate revenue loss from illegal activities in the oil and gas sectors as well as critical mineral sectors,” alongside a push for “critical minimum transformational investment for infrastructure” through the Renewed Hope infrastructure funding and measures to boost domestic production.

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The minister also revealed that the memo to FEC was presented by the Director-General of the Budget Office, supported by his team and the Economic Management Team, after “technical discussions, bilateral engagement as well as expert consultations” with stakeholders to ensure the framework reflects “collective aspiration.”

The MTEF/FSP, a statutory three-year fiscal guide, sets the assumptions that will underpin the 2026 Appropriation Bill, including oil/output benchmarks, revenue profiles, deficit limits and the spending mix.

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Accept Free Flights, $3,000 Cash To Leave Or Risk Arrest – US Tells Illegal Immigrants

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The United States government has announced a Christmas self-deportation incentive, offering undocumented immigrants free flight tickets and a $3,000 cash bonus to voluntarily leave the country before the end of the year.

The announcement was made in a statement released on Monday, December 22, by the Department of Homeland Security (DHS), which warned that undocumented immigrants who ignore the offer risk arrest, forced deportation, and a lifetime ban from re-entering the United States.

According to the DHS, undocumented immigrants who enrol in the programme before December 31 will receive fully funded travel arrangements to their home countries, along with a $3,000 stipend.

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Illegal aliens who sign up to self-deport through the CBP Home app by the end of the year will receive a $3,000 stipend in addition to a free flight home,” the department said.

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The initiative is being implemented through the CBP Home mobile application, which allows undocumented immigrants to register for voluntary departure. Participants will also benefit from waived civil fines and penalties related to overstaying or previous failure to leave the country.

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DHS said the policy has already yielded significant results, with a marked increase in voluntary departures.

“Since January 2025, approximately 1.9 million illegal aliens have voluntarily self-deported, with tens of thousands using the CBP Home programme,” the statement said.

Homeland Security Secretary Kristi Noem described the initiative as a temporary goodwill gesture tied to the Christmas season, noting that the incentive had been tripled for the holidays.

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“During the Christmas season, the US taxpayer is generously tripling the incentive to leave voluntarily, offering a $3,000 exit bonus, but only until the end of the year,” Noem said.

She warned that those who fail to take advantage of the offer would face strict enforcement measures.

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Illegal aliens should take advantage of this gift and self-deport. If they don’t, we will find them, arrest them, and they will never return,” she said.

The DHS assured interested migrants that the process is straightforward and fully handled by the government.

“Self-deportation through the CBP Home app is fast, free, and easy. DHS will take care of everything, including travel arrangements,” the department said.

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The agency reiterated that undocumented immigrants who ignore the programme would be subject to arrest, forced removal, and permanent restrictions on future entry into the United States.

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Benue: Five Killed As Suspected Herdsmen Attack Ortese, Block Major Road

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No fewer than five youths have reportedly lost their lives in a deadly attack attributed to suspected Fulani herdsmen in Ortese, Guma Local Government Area of Benue State.

According to local accounts, the assailants barricaded the Ortese–Yogbo road during the attack, ambushing and killing the victims at the scene.

Several other residents were said to have been forcibly taken to undisclosed locations.

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The assault has sparked widespread fear in the community, with residents expressing concern over their safety as tensions continue to rise.

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Community sources revealed that additional bodies are being found in nearby areas, further worsening the situation.

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As of the time of filing this report, security agencies have not released an official statement on the incident, although investigations are ongoing and efforts are underway to restore calm in Ortese and surrounding communities.

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86 Years Memorial Of Capt. Sir Walter Ededuna Obaseki

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In loving, ever green and very precious 86 years memorial of our grand patriarch,
His Excellency,
The right honourable,
the most distinguished ambassador
Capt. Sir Walter Ededuna Obaseki (A.K.A Okhien’Ewere)
GBE GCB GCMG KCB KBE CBE OM CH PC DSO
Head of Hovernment
British Administrator
and
Prime Minister in the British Nigerian Government.
Governor of the British Board of Trade.
Captain of the British Merchant navy.

World war II veteran
and a recipient of the world war II campaigns and gallantry medals of honour;

I. The 1939-1945 Star
II. Atlantic Medal
III. British War Medal
IV. Italy Star

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Awarded to officers and seamen of the British merchant navy by HRM King George VI

Daddy, your good life is worthy of emulation

Your public works and legacy open great doors for us your descendants

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You plotted the skies, mapped the land and chatted the oceans and high seas to threshold development in our great nation Nigeria. as a pioneer industrialist you successfully brought your people to understand and become part of the modern world governnent.

Ededuna Walter Obaseki together with the British established government agencies, built public facilities, institutions and parastatals of government and also brought law and order to the way things are done according to the standards of international best practice as we have it even in The international community.

Those who tried to steal your glory and change the true position of things failed woefully, their evil craftsmanship have since been exposed to everyone because the truth cannot be hidden completely forever.

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May your memory never ever go to oblivion!

Just as it is written in The Holy Book

Proverbs 10: 7.
The memory of the just is blessed: but the name of the wicked shall rot.

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Psalm 112: 6.
The Righteous Shall be remembered forever!

Signed:

The Scion of Sir Walter Ededuna Obaseki;
Mercy Ededuna Obaseki
for
The entire direct descendants of Capt. Sir Walter Ededuna Obaseki GCMG CBE DSO OM CH PC

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