The Federal Executive Council, FEC, has approved an exchange rate of N1,512 to the US dollar for the preparation of Nigeria’s 2026 budget.
Minister of Budget and Economic Planning, Atiku Bagudu, announced this on Wednesday while briefing State House correspondents after the council meeting, where the 2026–2028 Medium-Term Expenditure Framework, MTEF, was also adopted.
According to Bagudu, the Federal Government is projecting N34.33 trillion in total revenue for 2026, including N4.98 trillion expected from government-owned enterprises. He explained that the figure represents a reduction of N6.55 trillion compared to earlier estimates.
He added that the Federal Government’s allocation is projected at N9.4 trillion, about 16 percent lower than the 2025 budget estimate, while statutory transfers are expected to be around N3 trillion.
“So, accordingly, 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.”
For the oil sector, FEC approved a production target of 2.6 million barrels per day for 2026, but a more conservative 1.8 million barrels per day will be used as the basis for budgeting, with an oil benchmark price of $64 per barrel.