The Federal Executive Council (FEC) yesterday approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The framework projects a growth rate of 4.68 per cent and puts total federation revenue at N50.74 trillion.
Of this, the Federal Government is expected to receive N22.6 trillion; states, N16.3 trillion, and local governments, N11.85 trillion.
It sets key macroeconomic indicators and fiscal targets that will shape the 2026 national budget.
Revenue from government-owned enterprises is projected at N34.33 trillion.
The plan incorporates revised macroeconomic assumptions, a review of the 2025 budget performance and updated revenue parameters for 2026-2028.
Crude oil price was benchmarked at $64.85 per barrel, while the exchange rate projection was set at N1,512/$1 to reflect typical pre-election pressures.
Also yesterday, the National Economic Council (NEC) approved N100 billion for the rehabilitation of training institutions belonging to the police and other security agencies, subject to President Bola Ahmed Tinubu’s final endorsement.
Briefing State House correspondents after the FEC meeting chaired by President Tinubu, Minister of Budget and Economic Planning Senator Atiku Bagudu said the MTEF/FSP reflects extensive stakeholder consultations across government agencies, the private sector, civil society and development partners.
