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Reps Back N54.46tn Spending Plan as Oil Benchmark Set for 2026–2028
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By Gloria Ikibah
The House of Representatives has approved the Medium-Term Expenditure Framework and Fiscal Strategy Paper for the 2026–2028 period, clearing the way for a proposed ₦54.46 trillion spending plan anchored on a conservative oil price outlook.
The decision followed the adoption of a joint report by the Committees on Finance and on National Planning and Economic Development, presented on Thursday by the Chairman of the Finance Committee, James Faleke. The report was the outcome of weeks of scrutiny involving submissions from ministries, departments and agencies, as well as government-owned enterprises.
As part of its recommendations, the House endorsed crude oil benchmark prices of $64.85 per barrel for 2026, $64.30 for 2027 and $65.50 for 2028. Lawmakers said the figures reflected a cautious but realistic assessment of global market conditions.
The committees noted Nigeria’s improving oil production profile, pointing to strong performance under OPEC targets. Nigeria was recorded as one of the standout performers among OPEC members in November 2025, posting one of the highest month-on-month production increases, according to the December 2025 OPEC Monthly Oil Market Report.
On output projections, the House approved average domestic crude oil production of 1.84 million barrels per day in 2026, rising to 1.88 million barrels per day in 2027 and 1.92 million barrels per day by 2028. The projections were described as achievable, given recent gains in production stability and sector reforms.
The adoption of the framework provides the fiscal foundation for budget planning over the next three years, setting key assumptions that will guide government spending, revenue expectations and economic management.
On macroeconomic assumptions, the House endorsed exchange rate projections of ₦1,512 to the dollar in 2026, ₦1,432.15 in 2027 and ₦1,383.18 in 2028, in line with the Central Bank of Nigeria’s policy to stabilise the naira and strengthen fiscal and monetary policy coordination.
Inflation was projected to moderate from 16.5 per cent in 2026 to 13 per cent in 2027 and nine per cent in 2028, while real Gross Domestic Product (GDP) growth was projected at 4.68 per cent, 5.96 per cent and 7.9 per cent for the three years respectively. The committees assessed growth prospects for 2026 as high, in anticipation of gains from ongoing economic and tax reforms.
The House further endorsed the implementation of the new Tax Acts as “veritable instruments” for economic reform and development. It also recommended the adoption of a National Scanning Policy within the National Single Window of the Nigeria Revenue Services (NRS), in collaboration with relevant agencies, to enhance revenue assurance, improve trade facilitation, reduce leakages, and strengthen transparency and national security.
On fiscal aggregates, the committees approved the proposed Federal Government spending of ₦54.46 trillion for the 2026 fiscal year. Of this, Federal Government retained revenue was put at ₦31.83 trillion, while new borrowings—both domestic and foreign—were estimated at ₦20.38 trillion. Debt service was projected at ₦15.52 trillion, pensions, gratuities and retirees’ benefits at ₦1.376 trillion, and the fiscal deficit at ₦22.63 trillion.
Capital expenditure, exclusive of transfers, was pegged at ₦20.131 trillion, while statutory transfers were projected at ₦3.152 trillion and the Sinking Fund at ₦388.54 billion. Total recurrent (non-debt) expenditure was estimated at ₦15.265 trillion, with special interventions for recurrent and capital expenditure pegged at ₦200 billion and ₦14 billion respectively.
Following the adoption of the report, the House resolved that all the projections and recommendations contained in the MTEF and FSP for 2026–2028 be sustained to support economic stability, growth and development in the medium term.
News
INEC set to publish details of 2027 Presidential, National Assembly candidates on August 1
The Independent National Electoral Commission (INEC) will on Saturday, August 1, 2026, publish the particulars of all presidential and National Assembly candidates contesting the 2027 general election for public inspection at its offices across the country.
The publication of the candidates’ details, contained in Form EC9, is in compliance with Section 29(3) of the Electoral Act, 2026, which requires the commission to make the personal particulars of nominated candidates available for public scrutiny within 21 days of receiving them.
Political parties concluded the online submission of the names, personal particulars and other required documents for their presidential and National Assembly candidates on Tuesday, July 14, 2026, after INEC granted a 72-hour extension to the original deadline. ExecutiveBranch
Under the commission’s revised timetable, nominations for presidential and National Assembly candidates were initially scheduled to be submitted between June 27 and July 11, 2026.
Section 29(1) of the Electoral Act, 2026, requires political parties to submit Forms EC9, EC9A, EC9B, EC9C, EC9D and EC9E, containing the names and personal particulars of their nominated presidential and National Assembly candidates, not later than 120 days before the election.
Speaking on whether the 72-hour extension would affect the publication date, INEC Deputy Director of Publicity, Wilfred Osilama Ifogah, said he did not expect any change, although he stressed that he was expressing a personal opinion rather than the commission’s official position.
“I doubt. It might not necessarily affect it. It’s just for the Commission to put the information together and submit it. This is my opinion. I’m not talking officially. When it gets to the time, you will see whether the Commission will publish it or not,” he said.
Meanwhile, the online submission of nominations for governorship and State Houses of Assembly candidates, which commenced on July 18, will continue until August 8, 2026.
INEC has scheduled August 29, 2026, for the publication of the personal particulars of governorship and State House of Assembly candidates through Form EC9.
The commission had earlier conducted party primaries for all elective positions between April 23 and May 30, 2026.
According to INEC’s election timetable, the presidential and National Assembly elections will hold on January 16, 2027, while the governorship and State Houses of Assembly elections are scheduled for February 6, 2027
News
CSOs, Youth Groups Push for Inclusive NYSC Reform, Convene National Dialogue
By Gloria Ikibah
A coalition of civil society organisations and youth groups has announced plans to convene a national dialogue on proposed reforms to the National Youth Service Corps (NYSC), seeking to ensure that the review process reflects the views of Nigerians before the Federal Government takes a final position.
The initiative, being organised by the Centre for Equity, Justice and Transparency in partnership with the Save Nigeria Movement, is expected to bring together policymakers, academics, former corps members, youth organisations, security agencies and other stakeholders to examine the future of the scheme and recommend practical reforms.
Convened by legal practitioners Sorkaa Tsembelee and Patrick Agbese, the one-day dialogue aims to generate a comprehensive working document that will be presented to the Federal Government as part of ongoing efforts to review the NYSC Act.
In a statement issued on Friday, the organisers said the forum was intended to provide an inclusive platform where stakeholders could contribute meaningfully to the reform process.
The statementread: “The essence of this dialogue is for critical stakeholders to make input into the proposed NYSC reforms before the President’s administration takes final decisions.
“We will have senior academics, former corps members, youth groups and other members of society to dissect the proposed reforms thoroughly.
“It will thereafter catalyse into a working document for the Federal Government. We will invite the CDS, the Army and others. Let everyone look at it and say their own.”
Established in 1973 after the Nigerian Civil War, the NYSC was designed to promote national unity, encourage integration among young graduates and foster national development through compulsory service outside their states of origin. Over the decades, corps members have played significant roles in education, healthcare, agriculture and community development, particularly in underserved communities.
However, growing concerns over the safety and welfare of corps members, inadequate funding, deployment policies and questions surrounding the relevance of some aspects of the programme have fuelled calls for a comprehensive review.
The organisers said the dialogue will assess whether the scheme still aligns with its founding objectives while identifying legislative and policy changes needed to address present-day realities.
They maintained that while reforms were necessary, the NYSC’s central mission of promoting national cohesion should be preserved alongside efforts to strengthen skills development, entrepreneurship and youth empowerment.
“This is not about tearing down an institution that has served Nigeria well; it is about refining it with the collective wisdom of those who have lived the experience and those who study its impact.
“Former corps members carry practical insights that policymakers often miss, and we want those voices at the table.
“Youth groups and civil society must not be spectators while decisions that will shape the next generation of Nigerian graduates are taken. The dialogue creates the space for genuine, structured input”, it added,.
According to the organisers, discussions will focus on critical issues including corps members’ welfare, security, orientation camp facilities, deployment procedures, funding mechanisms and the effectiveness of the Community Development Service (CDS) programme.
They added that academics will provide comparative analyses of national service models in other countries, while security agencies would offer institutional perspectives on improving the protection of corps members, particularly those posted to areas affected by insecurity.
“We cannot discuss NYSC reforms without hearing from those who secure the environment in which corps members serve. The CDS and the Army have institutional knowledge that is indispensable.
“Their perspectives on logistics, security and inter-agency coordination will enrich the final document.
“Senior academicians will help us situate the proposed reforms within the broader context of nation-building. We need evidence-based contributions, not just opinions”, the said.
The organisers said the ultimate goal was to produce practical recommendations capable of informing both legislative and executive action.
They explained that the final report would reflect contributions from former corps members, scholars, security agencies, youth organisations and civil society groups, providing government with workable proposals for strengthening the scheme without compromising its original mandate.
“The working document that emerges from this dialogue must be something the government can work with.
“It should reflect the views of those who have served, those who teach, those who protect, and those who advocate.
“Anything less would be a missed opportunity. We are calling on all stakeholders to come prepared to engage constructively.
“The future of the NYSC is too important to be decided in isolation. This national dialogue is our contribution to an open, inclusive process”, the statement further read.
News
No plans to increase electricity tariffs – Power Minister assures Nigerians
The Minister of Power, Joseph Tegbe, has declared that President Bola Tinubu’s administration has no intention to jerk up electricity tariffs beyond the current level.
He disclosed this during a media briefing in Abuja on Friday.
According to him, the Tinubu administration’s priorities are improving electricity service delivery, expanding access to electricity, and ensuring that Nigerians pay only for the electricity they consume.
The minister said that, over the last two weeks, the country has consistently generated 5,000 megawatts of electricity.
“We are already witnessing encouraging improvements in electricity generation. Over the course of the last two weeks, we have consistently generated 5,000MW.
“Permit me to address two issues that have generated considerable public discussion. First, there is no policy by this administration to increase electricity tariffs beyond the current level. Our priority is not a tariff increase in the immediate term. Our priority is service improvement, universal metering, and ensuring Nigerians pay only for the electricity they actually consume,” he stated.
He added that the objective of the Federal Government is to provide reliable electricity to homes across the country.
“Our ambition is clear: reliable electricity that powers our homes.”
Tegbe’s comments come amid debate over a fresh electricity tariff hike, fuelled by remarks made by Tinubu’s Special Adviser on Power Infrastructure, Sadiq Wanka.
Nigerian electricity consumers have kicked against the proposed electricity tariff hike.
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