Business & Economy
2026 Budget : Senate reduces oil price benchmark to $60 per barrel …sustains other projections in MTEF document
By Our Correspondent
Ahead of 2026 budget presentation by President Bola Ahmed Tinubu to the two chambers of National Assembly,
Senate on Tuesday reduced the $64.8 oil price benchmark for the projected N54.46trillion 2026 budget to $60 per barrel but retained all other projections and parameters stated in the 2026 – 2028 Medium Term Expenditure Frame Work ( MTEF) and Fiscal Strategy Paper ( FSP) .
Reduction of the earlier proposed oil price benchmark for the 2026 fiscal year by the Senate , followed recommendations made to that effect by its committee on Finance in a report presented by Chairman of the committee, Senator Sani Musa ( Niger East ) .
Senator Sani Musa in his explanation for the reduction , said it was made in recognition of the global geopolitical tensions in Europe and the Middle East and the sensitivity of global crude oil prices .
Recommended adjustments of $64.30 and $65.50 per barrel oil price benchmark for 2027 and 2028 fiscal years to $65 and $70 per barrel respectively by the committee were also approved by the Senate.
It however sustained domestic crude oil production projections of 1.84 million barrels per day (mbpd) for 2026, 1.88mbpd for 2027 and 1.92mbpd for 2028, expressing confidence in ongoing reforms and efforts to stabilise output.
On macroeconomic assumptions, the Senate endorsed projected exchange rates of N1,512 to the dollar in 2026, N1,432.15 in 2027 and N1,383.18 in 2028, aligning with the Central Bank of Nigeria’s policy direction to stabilise the naira through effective fiscal and monetary policy coordination.
Inflation is projected to moderate steadily over the medium term, with rates of 16.5 per cent in 2026, 13 per cent in 2027 and 9 per cent in 2028. The committee anchored these projections on the commitment of monetary authorities to tame inflationary pressures.
Similarly, the Senate sustained real GDP growth projections of 4.68 per cent for 2026, 5.96 per cent for 2027 and 7.9 per cent for 2028, citing ongoing economic reforms and the anticipated gains from tax reforms expected to take firmer effect from 2026.
A major plank of the report was the emphasis on effective implementation of newly enacted Tax Acts as veritable instruments for economic reform, growth and development.
In this vein, the committee recommended that the Federal Government implement a National Scanning Policy within the National Single Window of the Nigeria Revenue Service, in collaboration with relevant agencies.
The policy, it said, would enhance revenue assurance, improve trade facilitation, reduce leakages, strengthen transparency and bolster national security.
On fiscal operations, the Senate approved the 2026 Federal Government budget framework with proposed total expenditure of N54.46 trillion. Of this amount, FGN retained revenue is estimated at N34.33 trillion, while new borrowings—both domestic and foreign—are put at N17.88 trillion. Debt service obligations are projected at N15.52 trillion.
The framework also provides N1.376 trillion for pensions, gratuities and retirees’ benefits, while the fiscal deficit is pegged at N20.13 trillion.
Capital expenditure, exclusive of transfers, was sustained at N20.131 trillion, alongside statutory transfers of N3.152 trillion and a Sinking Fund provision of N388.54 billion.
Total recurrent (non-debt) expenditure was approved at N15.265 trillion, with special intervention funds for recurrent and capital spending set at N200 billion and N14 billion, respectively.
In concluding remarks, the committee expressed profound appreciation to the Senate and members of the Committee on Finance for their commitment in discharging what it described as a critical national assignment.
It expressed optimism that approval and diligent implementation of the recommendations would serve as a catalyst for sustainable economic prosperity in Nigeria.
In his remarks , the President of the Senate , Godswill Akpabio , commended the committee for a job well-done which according to him, serves as veritable platform for presentation of the 2026 budget by President Bola Ahmed Tinubu before 31st of December this year .
Business & Economy
Senate fixes March 17 for passage of N58.472trillion 2026 budget
By Our Correspondent
The Senate has tentatively fixed Tuesday, March 17, 2026 , for final consideration and passage of N48.472trillion 2026 budget .
Senate Committee on Appropriations made this declaration at a special session held on Friday, fixing February 2nd to 13th for consideration of the budget estimates at the committee level .
For all inclusive process, the committee , fixed Monday , February 9, 2026 for public hearing on the budget proposal where according to its Chairman, Senator Solomon Olamilekan Adeola ( Ogun West), an erudite Professor of Economics from University of Lagos , Wasiu Adeoye , will make power points presentation .
As proposed by Senator Adeola and adopted by the committee, Thursday, March 5, 2026, has been fixed for an interactive session between members of the committee and economic managers of the Federal Government like the Minister of Finance and Coordinating Minister of the Economy, Wale Edun , Minister of Budget and National Planning , Senator Atiku Bagudu etc .
This is as he added that 16th to 23rd February 2026, are fixed for submission of reports on budget defence by the various committee chairmen for presentation of reports by the committee to the Senate on 17th of March .
He informed members of the committee that the Senate wanted the budget passed on the 12th of March , 2026, before he convinced the leadership for an additional one week .
He added that for meticulous scrutiny and consideration of the budget estimates , hard copies of the 2026 budget have been printed for chairmen and members of the various standing committee’s they
The committee, accordingly as moved by Senator Adamu Aliero ( Kebbi Central) and seconded by Senator Orji Uzor Kalu ( Abia North), adopted the time table .
Business & Economy
Otuaro Attributes Huge Deployment Of PAP Scholarship Beneficiaries To President Tinubu’s Strong Backing
By David Owei,Bayelsa
The Administrator of the Presidential Amnesty Programme, Dr Dennis Otuaro, has attributed his large-scale onshore and offshore deployment of scholarship beneficiaries to the robust backing of President Bola Tinubu.
He spoke during the pre-departure orientation for another set of 25 foreign post-graduate scholarship beneficiaries deployed by the PAP to universities across the United Kingdom for the 2025-2026 academic session, at the agency’s head office in Abuja on Thursday.
The event featured talks on “Social and Cultural Relations in the UK”, “Academic Expectations”, “The Administration of the Scholarship”, and the presentation of laptop to each of the scholarship beneficiaries to enhance their research and thesis writing.
The scholars will pursue programmes in artificial intelligence, quantity surveying and commercial management, cyber security, business analytics, advanced structural engineering, data science, finance and financial tech, international law and security, public health, among others.
Otuaro stated that President Tinubu’s gracious approval of budgetary increase for the PAP has made it possible for more scholarship beneficiaries to be accommodated for undergraduate and post-graduate studies.
According to him, President Tinubu’s unwavering commitment has strengthened the PAP as a pathway to not only changing the Niger Delta narrative, but building the requisite manpower for the social, economic and political advancement of the area and indeed the country.
Otuaro, who was represented by his Technical Assistant, Edgar Biu, also noted that the tireless supervision of the PAP by the National Security Adviser, Mallam Nuhu Ribadu, had also contributed immensely to the tangibles and milestones recorded by the agency.
Addressing the scholars, he said: “We are extremely grateful to His Excellency, President Bola Ahmed Tinubu, GCFR, for his wholesome and strong commitment to this Programme, not only in terms of policy direction but also funding.
“Every one in the Niger Delta is happy with the President for this. It is no longer news, because all of you (scholars) also know that this Programme used to run on a low budget annually, but the President graciously approved an increase.
“This is why we are able to deploy more and more scholarship beneficiaries. So, we have every good reason as the people of the Niger Delta to applaud the President for backing this Programme strongly.
“We also appreciate immensely the National Security Adviser, Mallam Nuhu Ribadu, whose supervision this office falls directly under. He has worked tirelessly with us to make sure that this Programme achieves the tangibles and milestones under the President’s Renewed Hope Agenda.
“We are able to send all of you and thousands of others to universities within and outside Nigeria because of the budgetary increase. Therefore we are building the necessary human capital for the social, economic and political development of our region and indeed the country. We are, indeed, grateful to the President.”
The PAP Administrator reiterated his advice that scholarship beneficiaries should strive hard for academic excellence and avoid distractions, while also obeying the laws of their host country and the regulations of their institutions.
Otuaro added,”So I urge you to be focused as you embark on this academic journey (to the United Kingdom), a journey that promises so much. This programme is not the end of where the Niger Delta should be, but it is a pathway to changing the narrative.
“Be driven by your modest background, the sacrifices that have gone into providing this great opportunity for you, and the huge investment in your education, to achieve academic excellence.
“Make good use of this opportunity to shine and the sky will be the limit for every one of you. When you complete your programme, return home to contribute your quota to the development of the Niger Delta and our country.”
Business & Economy
Tinubu approves $3.8bn investment in carbon market to boost sustainable infrastructure
By Abdul-Ganiyy Akanbi
In a bid to make climate action a core part of his Renewed Hope Agenda and Nigeria as an active player in the global climate economy, President Bola Tinubu has approved over $3.8 billion worth of investment in the carbon market.
Specifically, the President has endorsed the Carbon Market Framework for Nigeria with a view to unlocking billions of dollars in green investments.
The Carbon Market Framework operates under the National Council on Climate Change, NCCC, an agency established by the Climate Change Act of 2021 and domiciled in the Presidency with the President as Chairman of the Council, while the Vice President serves as the Vice Chairman.
The approval, according to the Director General of the National Council on Climate Change, NCCC, Mrs. Omotenioye Majekodunmi, has proven that Nigeria is now fully open for climate business.
Majekodunmi, who spoke with journalists in the United Arab Emirates on the sidelines of the Abu Dhabi Sustainability Week, noted that the carbon market presents opportunities across several sectors, including renewable energy, clean cooking, reforestation, climate-smart agriculture and sustainable infrastructure.
She added that the approval provides a clear regulatory and institutional structure for carbon trading in Nigeria, enabling both local and international investors to develop and finance climate-friendly projects while earning carbon credits.
“With the final approvals in place, Nigeria is officially ready to do business. We are now positioned to begin seeing real returns. The carbon market alone is valued at over $3.8 billion in potential investments annually,” she hinted.
The director general also revealed that Nigeria has already shown strong interest in carbon-related projects, stressing that since initial approvals were granted in October, the Council has received between 3,000 and 4,000 applications.
Majekodunmi also pointed out that Nigeria’s participation at the Abu Dhabi Sustainability Week is part of efforts to deepen international partnerships, particularly with the United Arab Emirates.
She said: “We see a lot of potential for collaboration in renewable energy, sustainable finance, climate technology, and carbon markets. And as such, the Abu Dhabi Sustainability Week provides the right platform to be able to deepen this relationship and this partnership to get real impact.”
The director general added that technology transfer, innovation and local capacity development remain key priorities, with plans to strengthen Nigeria’s capabilities in clean energy systems, agriculture and climate-resilient infrastructure.
Earlier in his remarks, the Minister of Environment, Malam Balarabe Abbas Lawal, stated that Nigeria’s active participation at the Abu Dhabi Sustainability Week underscores the Federal Government’s commitment to deepening international partnerships—particularly with the United Arab Emirates—across renewable energy, sustainable finance, climate technology, and carbon markets.
He further emphasized Nigeria’s focus on technology transfer, innovation, and local capacity development to strengthen clean energy systems, climate-smart agriculture, and resilient infrastructure nationwide.
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