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By Gloria Ikibah

The Federal Government has moved to harmonise its economic projections after the Economic Management Team (EMT) approved the establishment of an inter-agency committee to align the key assumptions guiding the nation’s budget and economic planning.

The decision was taken on Monday in Abuja at the latest meeting of the EMT, the Federal Government’s principal platform for economic management and coordination.

The new committee will harmonise projections covering crude oil prices and production, exchange rates, inflation and non-oil revenue used by fiscal and monetary authorities.

The move followed a joint budget retreat and a technical validation workshop which identified inconsistent assumptions among government agencies as one of the factors contributing to budget under-performance.

The committee will also address inconsistencies in the way major economic indicators are reported by government agencies to external stakeholders and the public.

The EMT also reviewed developments across the economy, including agriculture, trade and investment, manufacturing and Nigeria’s preparations to host major continental trade events.

According to the National Bureau of Statistics (NBS), Nigeria’s real Gross Domestic Product (GDP) grew by 4.43 per cent year-on-year in the second quarter of 2026, representing the strongest quarterly growth since the third quarter of 2024.

The meeting was also informed that the nation’s external reserves had risen above $54 billion in early September, the highest level in nearly 18 years, according to data of Central Bank of Nigeria.

The naira has also strengthened, trading in the N1,300s to the US dollar in early September, alongside the increase in foreign reserves.

The EMT noted that FTSE Russell had reclassified Nigeria from “Unclassified” to “Frontier Market” status, with the new classification scheduled to take effect from the market opening on September 21, 2026.

The reclassification marks Nigeria’s return to the index after about three years and is expected to improve the visibility of Nigerian equities among international investors.

The team was further briefed that public debt remained below 40 per cent of GDP, while Nigeria’s sovereign credit outlook from Moody’s had moved from stable to positive.

It also noted the disparity between Nigeria’s nominal dollar GDP and its purchasing-power-parity (PPP) economy, which is estimated at more than $2.2 trillion.

The EMT said the figure demonstrated the potential for Nigeria to achieve a $1 trillion nominal economy by 2030.
EMT Strengthens Coordination
The team approved a revised Terms of Reference that expands its responsibilities to include macroeconomic performance reviews, stronger fiscal and monetary coordination, monitoring of priorities under the Renewed Hope Agenda and periodic assessment of the Federal Government’s financing needs.

Under the new arrangement, the EMT will meet monthly, with at least two strategic sector reviews to be conducted at each sitting.

The Ministry of Finance was also designated as the coordinating custodian for national economic data as part of efforts to improve the reliability and consistency of official statistics.
Line ministries and agencies will remain responsible for their respective datasets, which will serve as inputs into coordinated public releases.
Agriculture Gets Fresh Push
The EMT also examined measures aimed at increasing agriculture’s contribution to the government’s ambition of building a $1 trillion economy by 2030.

The strategy includes reducing post-harvest losses, expanding processing and mechanisation, improving export compliance and ensuring that capital releases are made early enough ahead of planting seasons.

The team also reviewed financing options for agriculture, including the planned recapitalisation of the Bank of Agriculture and the introduction of a new credit window for smallholder farmers.

Government is targeting an increase in agriculture’s share of private-sector credit to 10 per cent by 2030.
Nigeria Prepares for CANEX, IATF
The EMT further reviewed preparations for Nigeria to host the Creative Africa Nexus (CANEX) in November 2026 and the Intra-African Trade Fair (IATF) in November 2027, both in Lagos.

The events are expected to attract exhibitors, international buyers and, in the case of IATF, African heads of state, with organisers projecting significant trade and investment opportunities.

The Ministry of Finance was directed to coordinate funding and customs facilitation for the events in collaboration with the Ministry of Industry, Trade and Investment.

The two ministries are expected to produce a consolidated action plan with clearly assigned responsibilities for the participating ministries.

Speaking on the decisions reached at the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said the new measures will improve the credibility of government’s economic planning.

“Today’s decisions tighten the link between the numbers we plan with and the actual outturns. A single, harmonised set of assumptions across the fiscal and monetary authorities means fewer surprises in the budget and more credible planning for investors and all Nigerians,” he said.

The EMT said the measures were part of broader efforts to improve economic coordination, strengthen investor confidence and accelerate growth in strategic sectors of the Nigerian economy.

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The family of former Kaduna State Governor and former Minister of the Federal Capital Territory (FCT), Nasir Ahmad El-Rufai, has given the Minister of Defence, Gen. Christopher Musa (retd.), seven days to provide evidence backing his allegation that the former governor planned killings in Southern Kaduna while in office or publicly retract the claim and apologise.

The demand was contained in a statement issued on Monday, September 7, 2026, in Abuja and signed by Hon. Mohammed Bello El-Rufai on behalf of the family.

The family said it was reacting to comments allegedly made by Musa during a live appearance on Politics Today, a programme aired by Channels Television on September 3.

According to the family, the Defence Minister alleged during the programme that El-Rufai actively planned killings in Southern Kaduna while serving as governor of Kaduna State.

Describing the allegation as grave and unsubstantiated, the family said Musa did not present any evidence during the broadcast to support the claim.

The statement read in part: “The family of Mallam Nasir Ahmad El-Rufai, the former Minister of the Federal Capital Territory (FCT), former Governor of Kaduna State and Opposition Leader of the African Democratic Congress (ADC), has noted with serious concern the allegations made by General Christopher Musa (Rtd.), Minister of Defence, on 3 September 2026 during a live television broadcast of Politics Today on Channels TV.

“During the programme, General Musa alleged that Mallam Nasir El-Rufai actively planned killings in Southern Kaduna while serving as Governor of Kaduna State.”

The family said while Musa was entitled to his opinion, allegations of such magnitude should be backed by credible evidence.

“While General Musa (retd.) is entitled to hold and express his personal opinions, the El-Rufai family is equally entitled to demand that such serious allegations be substantiated with credible evidence,” it said.

It consequently challenged the minister to produce evidence supporting the allegation or withdraw it publicly through the same platform where it was made.

“In the absence of such evidence, we call on him to publicly retract the allegation through the same medium on which it was made,” the family said.

The family gave Musa seven days from the date of the statement to either substantiate the allegation or issue a full public retraction and apology.

“Accordingly, General Musa (retd.) is hereby given seven (7) days from the date of this statement to either provide evidence in support of his allegation or issue a full public retraction and apology.”

The family further warned that it would pursue legal action if the minister failed to comply within the stipulated period.

“Failure to do so will leave the family with no option but to pursue all appropriate legal remedies available under the law in response to these unsubstantiated allegations,” it added.

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The Oyo State Police Command has uncovered a suspected interstate child-trafficking syndicate operating across Oyo, Ogun and Delta states, rescuing 17 children and arresting seven suspects.

The Commissioner of Police, Abimbola Ayodeji Olugbenga, disclosed this on Monday during a press briefing at the Command Headquarters, Eleyele, Ibadan.

The investigation reportedly began with a petition alleging conspiracy, cyberbullying, threat to life and defamation of character but soon exposed a wider criminal network allegedly involved in the abduction, sale and concealment of children.

Police said the probe intensified following the disappearance of three-year-old Ifakunle Ifagbenro during a masquerade festival in Oyo town on June 29.

According to the Command, detectives established that Adejoke Popoola, popularly known as Orente Alagbo, was with the child shortly before both disappeared.

Popoola was arrested on August 4 and allegedly confessed to stealing more than 15 children, aged between two and seven, from churches, parties and other public gatherings.

Her alleged accomplice, Adekanbi Janet, also known as Hosanna, was later arrested in Mowe, Ogun State. Four children and two pregnant young women were reportedly found in her custody.

Further investigation led detectives to the Gbagi area of Ibadan, where Ifakunle was rescued on August 20.

The operation was subsequently extended to Agbor, Delta State, where police said four more children were rescued on September 2.

The Command said the discoveries pointed to an organised interstate trafficking network rather than an isolated criminal operation.

Police said interrogation of some suspects also produced disturbing allegations that children who died while in captivity were allegedly sold to ritualists.

The development led to the arrest of Muritala Fasasi, an Alfa, and Yakubu Azeez, a herbalist, who police said confessed to alleged involvement in ritual-related activities.

The Command said 17 children have so far been rescued, while efforts are ongoing to establish their identities, reunite them with their families and determine the full extent of the network.

Police urged parents and guardians whose children have gone missing to report to the authorities and visit the Command Headquarters in Eleyele, Ibadan, to help identify the rescued children.

The Command also warned parents against handing children over to individuals posing as traditional or spiritual healers, especially those who insist that children be taken away or kept in undisclosed locations.

Olugbenga assured that the investigation would continue in collaboration with relevant security and government agencies, with efforts focused on rescuing more victims and ensuring that all suspects found culpable are prosecuted.