FEC Sets N1,512/$ Benchmark, Projects N34.33tr Revenue for 2026 Budget

|By Babatunji Wusu

The Federal Executive Council (FEC) has approved an exchange rate of N1,512 to the US dollar as the benchmark for the preparation of Nigeria’s 2026 national budget.

The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents on Wednesday after the council adopted the 2026–2028 Medium-Term Expenditure Framework (MTEF).

Bagudu revealed that the Federal Government is projecting N34.33 trillion in total revenue for 2026, including N4.98 trillion expected from government-owned enterprises. He confirmed the figure reflects a N6.55 trillion drop from earlier estimates.

He further noted that the Federal Government’s allocation stands at N9.4 trillion, representing about 16 percent lower than the 2025 budget projection, while statutory transfers are expected to hover around N3 trillion.

The council also resolved a dual oil production outlook: it approved a 2.6 million barrels per day capacity for 2026, but adopted a more cautious 1.8 million barrels per day for actual budget planning, pegging the oil benchmark price at $64 per barrel.

“The total Federal Government of Nigeria revenue from all sources is projected at N34.33 trillion, inclusive of N4.98 trillion returned by government-owned enterprises,” Bagudu stated.