‎The House of Representatives on Wednesday approved the Federal Government’s proposed crude oil benchmark of $64.85 per barrel for 2026, departing from the Senate’s earlier endorsement of a lower $60 benchmark under the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).
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‎The decision followed the review and adoption of a report by the House Committees on Finance, and National Planning and Economic Development, which supported the executive’s oil price projections of $64.85, $64.30 and $65.50 per barrel for 2026, 2027 and 2028, respectively.
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‎The approval comes ahead of the presentation of the 2026 budget by President Bola Tinubu later today.
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‎By contrast, the Senate, while considering and passing the MTEF/FSP on Tuesday, reduced the oil benchmark for 2026 to $60 per barrel, citing uncertainties in the global economy, before revising it upward to $65 for 2027 and $70 for 2028.
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‎The Chairman of the Senate Committee on Finance, Sani Musa (APC, Niger East), had explained to his colleagues that the downward adjustment was influenced by geopolitical tensions in Europe and the Middle East, as well as instability in the global oil market, underscoring the need for fiscal prudence.
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‎Notwithstanding the differing oil price assumptions, both chambers maintained identical crude oil production forecasts of 1.84 million barrels per day (mbpd) for 2026, 1.88 mbpd for 2027, and 1.92 mbpd for 2028.
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‎Lawmakers also approved exchange rate projections of N1,512, N1,432.15 and N1,383.18 for 2026, 2027, and 2028, respectively, aligning with the Central Bank of Nigeria’s efforts to stabilise the naira and improve coordination between fiscal and monetary policies.
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‎The House further endorsed inflation targets of 16.5 per cent for 2026, 13 per cent for 2027 and nine per cent for 2028, referencing the commitment of monetary authorities to rein in inflationary pressures.
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‎In terms of economic performance, legislators upheld real GDP growth estimates of 4.68 per cent, 5.96 per cent and 7.9 per cent for 2026, 2027 and 2028, respectively, expressing confidence that ongoing reforms and expected benefits from new tax laws would start to take effect from 2026.
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‎The House also recommended the full implementation of the recently enacted Tax Acts, describing them as critical tools for advancing economic reforms, growth and development.
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‎Consistent with ongoing reforms and the activation of the Tax Act, the House urged the Federal Government to introduce a National Scanning Policy under the National Single Window of the Nigeria Revenue Service (NRS), in collaboration with relevant agencies, to strengthen revenue assurance, facilitate trade, reduce leakages, and enhance transparency and national security.
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‎On the fiscal framework, the House retained the 2026 Federal Government budget estimates, including proposed expenditure of N54.46 trillion, with N31.83 trillion projected as retained revenue. Planned new borrowings were set at N20.38 trillion, covering both domestic and external loans, while debt servicing was estimated at N15.52 trillion.
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‎Lawmakers also approved N1.376 trillion for pensions, gratuities and retirees’ benefits, while maintaining a fiscal deficit of N22.63 trillion within the framework.
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‎Capital expenditure, excluding transfers, was sustained at N20.131 trillion, alongside statutory transfers of N3.152 trillion and a Sinking Fund allocation of N388.54 billion.
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‎Additionally, total recurrent (non-debt) expenditure was projected at N15.265 trillion, with special intervention funds for recurrent and capital spending fixed at N200 billion and N14 billion, respectively.
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‎The House equally upheld other key macroeconomic assumptions, including exchange rate projections, inflation targets and GDP growth estimates, arguing that expected gains from tax reforms and broader economic restructuring would underpin fiscal stability over the medium term.

‎The Independent National Electoral Commission (INEC) on Friday stepped into the leadership crisis affecting the Peoples Democratic Party (PDP), inviting the party’s opposing factions to its headquarters in Abuja.
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‎The engagement brought together the faction led by Tanimu Turaki and the group headed by Abdulrahman Mohammed, which is reportedly backed by the Minister of the Federal Capital Territory, Nyesom Wike.
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‎Turaki attended the meeting with members of his National Working Committee, secretariat officials and former Niger State Governor, Babangida Aliyu, while Mohammed was accompanied by members of his national caretaker committee, including its secretary, Senator Sam Anyanwu.
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‎In his opening remarks, INEC Chairman, Prof. Joash Amupitan, explained that the commission’s intervention was prompted by a series of conflicting letters received from different factions of the party.
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‎“This meeting has become necessary because we have received several correspondence from various sides requesting one thing or the other.
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‎“And we are aware that INEC is charged statutorily under the Act and under the Constitution to monitor the activities of political parties,” he said.
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‎He added that the decision to convene the meeting was also influenced by preparations for the Federal Capital Territory Area Council elections scheduled for February 21, 2026, as well as the governorship elections in Ekiti and Osun states fixed for June and July 2026, respectively.
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‎“And as a build-up to these elections, we have issued our own schedule of activities to all the political parties. And we are on course to ensure that we have a very smooth election at the area council of FCT and at Ekiti and Osun states.
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‎“We have received conflicting correspondence from the PDP, and we felt that rubbing minds together would be a good opportunity for us to forge the way forward concerning the elections.
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‎“And I’m happy that this morning we have the very top officials that are present here so that we can discuss as a family and see how the issues can be resolved and we move forward,” he said.
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‎The INEC chairman emphasised that the commission’s intervention was guided strictly by the Constitution, the Electoral Act and its internal regulations, while assuring all parties of its impartiality.
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‎“So we are mindful of the need for us to maintain the sanctity of the Constitution of Nigeria. Actually, INEC sits on a tripod, comprising three legal regimes: the Constitution, the Electoral Act, and the regulations that have been made. So, we are determined to ensure that we follow the provisions of the various laws, the Constitution and the regulations that we have made.
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‎“So without much ado, I want to welcome all of you, and I request that we should have very, very frank discussions to ensure that we can achieve the objective of this meeting,” he said.
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‎After the opening statements, the meeting moved into a closed-door session.
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‎The engagement is expected to produce recommendations aimed at resolving the PDP’s internal crisis ahead of the upcoming elections.

Security has been significantly tightened at the National Assembly Complex in Abuja ahead of President Bola Ahmed Tinubu’s presentation of the ₦54.46 trillion 2026 Appropriation Bill to a joint session of the National Assembly.
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‎Ahead of the budget presentation, President Tinubu formally notified both chambers of the National Assembly through a letter, requesting to address lawmakers at noon on Friday, December 19, 2025.
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‎The letter was read on the floor of the House of Representatives by Speaker Abbas Tajudeen.
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‎By early Friday, activities around the National Assembly complex were heavily restricted. Business operators and ancillary service providers, including banks and food vendors, remained shut, following directives from the management of the complex in view of the high-profile event.
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‎All access points into the complex were manned by security operatives drawn from the Department of State Services (DSS), the Nigeria Police Force, and the Nigeria Security and Civil Defence Corps (NSCDC). Only essential staff, accredited officials, lawmakers, and a limited number of journalists were allowed entry.
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‎Senate President Godswill Akpabio is expected to preside over the joint session alongside Speaker Abbas Tajudeen.
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‎The presentation will mark President Tinubu’s third budget estimate submission to the National Assembly since assuming office on May 29, 2023. The President is expected to arrive at the complex later in the afternoon.
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‎According to the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) approved by lawmakers, the proposed 2026 budget stands at ₦54.46 trillion, with projected retained revenue of ₦34.33 trillion.
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‎Meanwhile, President Tinubu earlier presided over an emergency meeting of the Federal Executive Council (FEC) at the State House, Abuja, to finalise the 2026 budget proposals before their submission to the legislature.
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‎Speaking at the opening of the meeting, Vice President Kashim Shettima said the session was convened to give final approval to the budget estimates, describing it as necessary to “put the stamp of approval” on the proposals.
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‎The emergency meeting followed a December 3 FEC session during which key parameters of the 2026–2028 MTEF and FSP were reviewed and approved.
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‎These include an oil price benchmark of $64.85 per barrel and a budget exchange rate of ₦1,512 to one US dollar for the 2026 fiscal year.
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‎Under the three-year projections, gross Federation revenue for 2026 is estimated at ₦50.74 trillion, with the Federal Government expected to receive ₦22.60 trillion, states ₦16.30 trillion, and local governments ₦11.85 trillion.
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‎Briefing journalists after the FEC meeting, the Minister of Budget and National Planning, Senator Atiku Bagudu, disclosed that a crude oil production benchmark of 2.06 million barrels per day was approved for 2026, although a more conservative output of 1.8 million barrels per day will be used for budget planning.
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‎Further details of the proposed 2026 budget indicate that new borrowings are projected at ₦17.88 trillion, while debt service is estimated at ₦15.52 trillion.
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‎Capital expenditure is pegged at ₦20.13 trillion, while recurrent (non-debt) expenditure is projected at ₦15.27 trillion. The fiscal deficit is estimated at ₦20.13 trillion.
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‎Other provisions include ₦1.376 trillion for pensions, gratuities and retirees’ benefits, statutory transfers of ₦3.15 trillion, a Sinking Fund of ₦388.54 billion, and special intervention funds for recurrent and capital expenditure amounting to ₦200 billion and ₦14 billion respectively.
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‎Members of the Federal Executive Council present at the emergency session included Vice President Shettima, Secretary to the Government of the Federation Senator George Akume, Head of the Civil Service of the Federation Mrs.
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‎Didi Walson-Jack, Chief of Staff to the President Femi Gbajabiamila, National Security Adviser Mallam Nuhu Ribadu, as well as ministers and other senior government officials.

Four members of the House of Representatives representing constituencies in Rivers State have officially defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).

This move by the lawmakers occurs just one week after Rivers State Governor Siminalayi Fubara switched to the ruling party, significantly altering the political dynamics in the state.

The defectors include Manuchim Umezuruike, representing Port Harcourt I Federal Constituency; Boniface Emerengwa, from Ikwerre/Emuoha Federal Constituency; Awaji-Inombek Abiante, who holds the Andoni/Opobo Federal Constituency seat; and Boma Goodhead, the representative for Asari-Toru Federal Constituency.

This latest development highlights an ongoing political realignment among key figures in Rivers State in the wake of recent high-level changes.