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2026: FG Targets N34.33trn Revenue, Pegs Exchange Rate At N1,512/$1

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The Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, projecting that the federal government expects to generate N34.33 trillion in revenue in the 2026 fiscal year.

 

 

Addressing State House correspondents after the FEC meeting presided over by President Bola Ahmed Tinubu, the Minister of Budget and Economic Planning, Atiku Bagudu, said the document was presented to the FEC by the Budget Office of the Federation.

He added that the presentation was delivered by the director-general of the office, Tanimu Yakubu, on behalf of the ministry.

Bagudu said the council adopted an oil production target of 2.06 million barrels per day for 2026, while a more conservative figure of 1.8 million barrels per day will be used for budget planning purposes.

An oil benchmark price of $64 per barrel was approved, alongside a projected exchange rate of N1,512 to the dollar, he added.

He noted that the exchange rate assumption was factored into the fiscal outlook with the 2027 general elections in mind.

Bagudu said the federal government expects to generate N34.33 trillion in revenue in 2026, reflecting ongoing efforts to deepen non-oil earnings, improve tax administration, and broaden the national economic base.

He added that the council also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets spending limits and reinforces fiscal discipline.

Bagudu said: “The target oil production, as well as the benchmark oil production, is 2.06 million barrels per day, which the management of the oil industry is tasked to achieve.

“However, to avoid revenue shortfalls, we use a benchmark oil production figure of 1.8 million barrels per day for budget purposes.

“For prudence, we are using $64.85 per barrel and an exchange rate of N1,512 to the dollar for 2026, given that it is a pre-election year. Election activities can typically affect the exchange rate, and the gross rate is projected at $4.68.

“Regarding distribution among the tiers of government, the Federal Government is projected to receive N22.6 trillion from the Federation Account, while the state and local governments are expected to receive N16.3 trillion and N11.85 trillion, respectively.”

Bagudu reiterated that the federal government’s projected revenue for 2026 reflects sustained efforts to boost non-oil earnings, strengthen tax administration, and expand the nation’s economic base.

According to the approved MTEF, the federal government’s expenditure breakdown by major heads shows that statutory transfers are projected at around N3 trillion, debt service expenditure at N15.91 trillion, and non-recurrent expenditure—which includes personnel costs—at about N15.27 trillion.

The fiscal deficit is projected at N20.1 trillion, representing 3.61% of the estimated GDP.

Bagudu said President Bola Ahmed Tinubu has taken several steps to strengthen coordination across the three tiers of government.

This, he said, includes inviting state and local governments to meetings of the National Economic Council (NEC) to encourage greater collaboration between fiscal and monetary policies.

Bagudu noted that President Tinubu also sought NEC’s approval for enhanced vigilance nationwide to curb revenue leakages arising from illegal activities in the oil and gas sector, as well as in the exploitation of critical minerals.

He added that the full implementation of these measures, alongside the MTEF and Fiscal Strategy Paper, is expected to catalyse stronger and more sustained economic growth.

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Chris Kolade Leadership Award Loading As KMEN Sets for MegaSummit 2026

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Kingdom Men Global Network aka KMEN has formally announced the programmes of the 13th edition of its flagship annual gathering for men, Mega Summit.

 

This year’s event will open on Thursday May 14 and end on Sunday May 17 with an all-men musical concert.

The 2026 edition of Mega Summit which will hold at the Presken Hotels on Alade Avenue opposite Airport Hotel, Ikeja Lagos has as theme: Legacy…Faith. Family. Community. And for the first time Mega Summit will host an award on the opening day in memory of foremost Nigerian diplomat and integrity personified and pioneer Chairman of the Board of Trustee of KMEN, late Dr Christopher Kolade who died last year at the age of 92.

The KMEN-Christopher Kolade – Men in Leadership Award for Courageous Manhood will be heralded by the Men in Leadership Summit (MiLEADS) with the sub-theme – Building a Culture of Leadership with Integrity. And will have as speakers Archbishop John Osa-Oni of Vineyard Christian Ministries., Pastor Tunde Bakare of The Citadel Global Community Church, and renowned Pharmacist, entrepreneur and politician Mazi Sam Ohuabunwa, OFR.

 

Pastor Tunde Bakare

Day two will feature another special session for Men in Church Leadership (MiCLEADS) with the sub-theme: Leaving a Legacy of Faith/Discipling for the Next Generation, and will have as speakers Bishop Sunday Onadipe, Bishop, Methodist Church of Nigeria, Diocese of Badagry, Apostle Eyinnaya Okwuonu, former Chairman of Pentecostal Fellowship of Nigeria (PFN), Lagos Chapter., Pastor Dominion Roberts from Liberia, and Rev Fr Matthew Ogunyase of the Catholic Mission, Lagos.

While day three will open with a Special Town Hall discussion on Family with the sub-theme – The Father’s Role in Shaping Legacy and is the only mixed gender panel for Mega Summit 2026 featuring foremost life change coach, Mrs. Yemisi Lagunju and Rev David Abraham, who is the managing director of Managing Business for Christ (MBFC).

On Saturday is a Special Town Hall on Resisting an Emerging Legacy of Addictions. This segment will feature a presentation by Dr Dokun Adedeji on the ravage of Drug Addictions, alongside Abiose Akolade Ladipo, Co-Founder of GamblePause, a Lagos-based NGO in the fight against Gambling Addictions.

Later in the afternoon on Saturday is a second Town Hall session on Business and Economy with the sub-theme: Building Sustainable/Generational Businesses, and will feature notable panelists like Rev Professor Biodun Adedipe Founder of BA and Associates, and Rev Dr Abba Peter, Managing Director of Best Practices Limited, among others.Other Town Hall segments at Mega Summit 2026 include that on Politics/Governance with the sub-theme: Swimming Against the Tide – National Transformation through Service, and another Town Hall on Media featuring Mr. Mustapha Isah Osikhekha, former President of the Nigerian Guild of Editors (NGE), Omoba Deji Irawo and others as they navigate best way to Reclaim the Narrative: Legacy in Digital Spaces.

An extra-ordinary edition, the 13th edition of Mega Summit will also have segments designed to equip leaders in men’s ministry through the instrument of KMEN’s School of Men’s Ministry/ISI Training. Each day of Mega Summit 2026 is divided into three segments – morning starting at 9 am, afternoon session and evening climaxing with an impartation service.KMEN is an uncompromisingly Bible-based, independent ministry to men. Established nearly two decades ago, the ministry’s objective is to assist men, irrespective of their church affiliations, in their Christian Walk, that they may become better sons, brothers, husbands, fathers and leaders.

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Ikeja Electric Explains Epileptic Power Supply

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The Ikeja Electric Plc has given reasons for the  ongoing power outages experienced by cudtomers, attributing the situation to reduced electricity allocation from the national grid.

‎In a statement posted on its X handle at , the company apologized for the disruption, noting that some parts of its network were experiencing supply constraints due to reduced power allocation from the grid.

‎‎It added that, to manage the shortfall and maintain grid stability, it had introduced temporary load shedding across affected feeders.

The Ikeja Electricity company said as part of efforts to maintain grid stability and ensure equitable distribution of available power, temporary load shedding is being implemented across affected feeders and locations. The company said it was working with relevant stakeholders to improve supply and minimise the impact on customers.

‎The latest notice follows months of unstable electricity supply in Lagos and other parts of Nigeria, driven largely by a drop in generation linked to gas shortages.

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ALAT at 9: Wema Bank Celebrates Nine Years of Redefining Digital Banking in Nigeria

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Wema Bank Plc is celebrating the 9th anniversary of ALAT by Wema, Africa’s first fully digital bank, marking nine years of transforming how Nigerians experience banking.

 

Launched in 2017, ALAT by Wema was introduced as a bold response to the limitations of traditional banking, long queues, physical barriers, and slow processes. By eliminating these constraints, Wema Bank redefined banking as a fully digital, instant, and accessible experience, enabling customers to open accounts, transact, and manage their finances seamlessly from anywhere.

Over the past nine years, ALAT has evolved beyond convenience into a comprehensive digital ecosystem designed to meet the changing needs of individuals, businesses, and a new generation of financially aware users. From enabling structured savings through features like ALAT Goals to simplifying payments and expanding access to financial services, the platform has consistently delivered solutions that empower users and drive financial inclusion at scale.

This journey of continuous innovation has positioned ALAT not just as a digital banking product, but as a platform that adapts, grows, and evolves alongside its users.

To commemorate this milestone, Wema Bank has launched the ALAT at 9 campaign, a series of customer-focused activities, rewards, and interactive experiences designed to celebrate users while deepening engagement.

As part of the anniversary celebration, customers can access their personalized ALAT Wrapped, offering a simple, visual summary of their journey on the platform, which can be downloaded and shared across social media.

Customers can also participate in the 9 Features in 9 Days experience by engaging with a designated feature each day. Completing all nine activities unlocks rewards, encouraging consistent and active use of the platform.

In addition, customers who complete their 9th transaction at exactly 9:00am or 9:00pm will receive instant rewards.

The celebration also features the ALAT Evolution Jingle Challenge, inviting customers to create and submit the second verse of the ALAT jingle for a chance to win rewards.

Speaking on the milestone celebration, Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said;

“ALAT at 9 is not just a celebration of time. It is a reflection of how far we have come and a clear indication of where we are going. Over the years, we have continued to evolve with our customers, building a platform that is not only functional but also engaging and rewarding. This campaign is designed to give back to our users while reinforcing our commitment to innovation and customer experience.”

Also commenting, Chief Digital Officer of Wema Bank, Olusegun Adeniyi, noted that the anniversary campaign was designed to merge everyday banking with meaningful engagement.

“With ALAT at 9, we are transforming routine banking into an interactive experience. By combining personalized insights, gamified missions, and real rewards, we are creating a platform that responds to users in a more dynamic and rewarding way. This reflects our vision to build a digital bank that is intuitive, adaptive, and centered around the customer,” he said.

The anniversary activities will run from May 2 to May 31stwith customers encouraged to log into the ALAT app to participate, complete tasks, and unlock rewards.

Existing customers can access the experience by updating the ALAT app via the Google Play Store or Apple App Store and signing in with their existing details. New customers can download the app and get started in minutes to enjoy the full range of features and anniversary benefits.

With ALAT at 9, Wema Bank continues to reinforce its leadership in digital banking, delivering not just financial services, but a platform that continue to evolve with its users and rewards them at every stage of their journey.

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