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.

“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.

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.

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.

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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.

“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.

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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.

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.

The Edo State House of Assembly Service Commission has cancelled earlier employment offered to 324 personnel.

In a statement jointly signed by Ezehi Igbas and Mrs Isoken Nehi-Olotu, Chairman and Secretary of the commission respectively, declared the employment letters issued to the 324 affected persons null, void and of no effect whatsoever.

The statement said issuance of employment letters to the affected persons was unauthorized, illegal and unlawful.

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The statement reads: “The Edo State House of Assembly Service Commission hereby tenders an unreserved apology to all recipients of the unauthorized and unlawful employment letters and deeply regrets all inconveniences caused to all persons affected by its actions.”

Sacked boss of the defunct Edo Public Safety Response Team, Kelly Okungbowa popularly known as Ebostone on Wednesday assaulted two staff of the Edo Broadcasting Service at the government house.

The incident happened during an empowerment programme for 250 special people in the state at the Festival Hall, government house.

It was gathered that trouble started when nine others who were not captured in the programme stormed the venue, to protest their exclusion.

At that moment, the Edo Broadcasting Service cameraman at the venue was attacked by Okungbowa, who felt he (the cameraman) was recording the commotion.

The reporter, Juliet Aisien, immediately stood up to defend her cameraman and explain the need for Okungbowa not to assault her cameraman and that they belong to a state-owned outfit.

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Okungbowa, who was piqued at this point, hit the reporter on her shoulder when he attempted to slap.

Reacting to the development in a statement, the Nigeria Union of Journalists, Edo State Council, condemned the act and described it as an attack on press freedom.

The statement signed by Festus Alenkhe and Andy Egbon, Chairman and Secretary respectively, reads: “The Nigeria Union of Journalists, Edo State Council, condemned in strong terms the assault on Juliet Enabulele Asein, a reporter with the Edo Broadcasting Service (EBS), who was assaulted and manhandled by Kelly Okungbowa (Ebo Stone) at a public function in Benin City on Wednesday, December 3, 2025.

“The leadership of the union considers this act as a blatant attack on press freedom, the safety of journalists, and the right of media professionals to carry out their lawful duties without fear, intimidation, or violence.

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“The NUJ further warns that attacks on journalists in the line of duty will no longer be tolerated, and urges members of the public, especially public figures, to exercise restraint and show respect for the constitutional role of the media in strengthening democracy and promoting accountability.

“The Union calls on the Nigeria Police and other security agencies to immediately arrest Kelly Okungbowa, investigate him and bring him to justice.”

Recalled that in March, Governor Monday Okpebholo suspended indefinitely the activities of the Public Safety Response Team headed by Kelly Okungbowa.

There have been several complaints about the activities of the body, with the latest resulting in the death of a two-year-old girl on Wednesday.

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At Ring Road in Benin, officers of the PSRT attempted to take over the steering wheel of a moving vehicle, causing the driver to lose control.

The bus then veered off the road and rammed into a roadside POS kiosk where the young girl and her mother were standing, killing the child instantly.

Also in the same month, operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission arrested Okungbowa for alleged naira abuse.