Connect with us

latest

Senate Cuts Oil Benchmark To $60, Approves ₦17.88 Trillion Borrowing For 2026.

Published

on

According to Nivo News, the Senate has approved a downward adjustment of the oil price benchmark for the 2026 fiscal year, reducing it from $64.80 to $60 per barrel in the proposed ₦54.46 trillion Federal Government budget framework. All other macroeconomic and fiscal projections contained in the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper were retained.....KINDLY READ THE FULL STORY HERE▶

The decision followed the consideration of a report presented by the Chairman of the Senate Committee on Finance, Senator Sani Musa, who explained that the revision was influenced by prevailing global developments, including geopolitical tensions in Europe and the Middle East and their impact on crude oil price volatility. He noted that the committee adopted a more conservative benchmark in recognition of the sensitivity of global oil markets.

The Senate also approved revised oil price assumptions for the outer years, adjusting the 2027 benchmark to $65 per barrel and raising the 2028 projection to $70 per barrel. Despite the reduction for 2026, domestic crude oil production estimates were maintained at 1.84 million barrels per day for 2026, 1.88 million barrels per day for 2027 and 1.92 million barrels per day for 2028, with lawmakers expressing confidence in ongoing sector reforms aimed at boosting output.

On macroeconomic assumptions, the upper chamber endorsed exchange rate projections of ₦1,512 to the dollar in 2026, ₦1,432.15 in 2027 and ₦1,383.18 in 2028, aligning with efforts by monetary authorities to stabilise the naira through improved coordination of fiscal and monetary policies. Inflation is projected to decline steadily to 16.5 per cent in 2026, 13 per cent in 2027 and nine per cent in 2028, based on expectations of tighter monetary controls.

The Senate further sustained real Gross Domestic Product growth forecasts 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 impact of recently enacted tax laws expected to gain traction from 2026.

Emphasis was also placed on the effective implementation of the new Tax Acts as key instruments for economic reform and development. In this regard, the committee recommended the adoption of a National Scanning Policy under the National Single Window of the Nigeria Revenue Service, in collaboration with relevant agencies, to enhance revenue assurance, reduce leakages, improve transparency and strengthen national security.

On fiscal operations, the Senate approved total expenditure of ₦54.46 trillion for the 2026 budget, with retained revenue estimated at ₦34.33 trillion. New borrowings, both domestic and external, were approved at ₦17.88 trillion, while debt service obligations were projected at ₦15.52 trillion. The framework also makes provision of ₦1.376 trillion for pensions, gratuities and retirees’ benefits, with the fiscal deficit set at ₦20.13 trillion.

Capital expenditure, excluding transfers, was maintained at ₦20.131 trillion, alongside statutory transfers of ₦3.152 trillion and a Sinking Fund provision of ₦388.54 billion. Total recurrent non-debt expenditure was approved at ₦15.265 trillion, while special intervention funds for recurrent and capital spending were fixed at ₦200 billion and ₦14 billion respectively.

The committee, in its concluding remarks, expressed appreciation to the Senate and members of the Finance Committee for their commitment to the assignment, expressing optimism that the approval and effective implementation of the recommendations would help drive sustainable economic growth and prosperity.

Advertisement

latest

‘I Never Protested Against Jonathan’ – Pastor Adeboye Clears The Air.

Published

on

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has dismissed reports claiming that he protested against former President Goodluck Jonathan, clarifying that a photograph showing him holding a placard was taken during a prayer walk in 2020.....KINDLY READ THE FULL STORY HERE▶

Adeboye addressed the controversy during the church’s November 2026 Thanksgiving Service, following the circulation of the photograph on social media. The image showed the cleric dressed in white and green attire while carrying a placard.

He explained that the exercise was organised in response to a directive from the President of the Christian Association of Nigeria (CAN), who had called on churches to embark on prayer walks for the country.

According to the RCCG leader, he participated in the exercise to pray for Nigeria and not to protest against any government.

“It wasn’t a protest. It was a prayer walk,” Adeboye said, recalling that the church organised the activity following CAN’s instruction.

He also rejected attempts to link the photograph to Jonathan’s administration, noting that the former president left office in 2015, five years before the prayer walk took place.

“I carried a placard in 2020, but the journalist twisted it to be 2015,” he said.

The cleric criticised the journalist responsible for the report, accusing the individual of presenting a misleading account without properly investigating the circumstances surrounding the photograph.

Adeboye recalled studying journalism-related courses at the University of Nigeria, Nsukka, in the 1960s, where he learnt about investigative journalism and the importance of verifying information before publication.

He said the controversy showed how inaccurate reports could gain public acceptance when people failed to establish the facts.

The RCCG leader urged members of the creative industry, particularly journalists, to maintain professional standards by investigating claims and confirming information before publishing their reports.

Continue Reading

latest

Blessing CEO Struggles To Cope With Son’s Death, Says She May Never Recover From The Shock.

Published

on

Nigerian relationship therapist and influencer Blessing Okoro, popularly known as Blessing CEO, has expressed deep grief over the death of her nine-year-old son, Bryan.....KINDLY READ THE FULL STORY HERE▶

The influencer shared an emotional tribute to her late son on Instagram on Sunday, reflecting on the memories they shared and the gifts she had planned to give him.

Blessing CEO disclosed that she had bought an iPad and a bicycle she previously promised Bryan, but would no longer have the opportunity to present the gifts to him as she had hoped.

The grieving mother said she would always remember her son for his kindness, intelligence, confidence and outspoken nature, describing him as a special child whose memory would remain with her.

In her tribute, she wrote:

“I will keep living in denial, I miss you, bought the iPad I promised you, and also the bicycle. You would have waited for mummy to come back. This is how I will forever remember you. Selfless, kind, outspoken, bold and very intelligent. I know you are in Heaven, but I promise to carry your memories everywhere I go.

“I miss you my baby, I will never recover from this shock. Rest on my guardian angel. Bryan. Sleep well my Dum Dum, mummy loves and miss you. Everywhere is so cold and quiet.

“When my son was alive, he dreamt that he died. He told his brother Darell and my sister Precious, who prayed for him. He also told my Dad, but he never told me.

“I didn’t come out to the best of news. I didn’t come out excited because I lost something I couldn’t get back. I came out knowing that wherever my son is, he wants to be proud of his mother.”

Continue Reading

latest

Ebola Fears Spread As Identities Of Two Suspected Cases In Adamawa Emerge.

Published

on

A 34-year-old pilot and his wife, a medical doctor, have tested negative for Ebola Virus Disease (EVD) following their isolation and investigation over suspected infections in Adamawa State.....KINDLY READ THE FULL STORY HERE▶

The couple reportedly developed symptoms including fever, vomiting, fatigue, headaches and unexplained bleeding, prompting health authorities to activate emergency surveillance and contact-tracing measures.

Documents obtained by Premium Times revealed that the two individuals were admitted to the isolation centre at Modibbo Adama University Teaching Hospital, Yola, on October 29, 2026.

The Nigeria Centre for Disease Control and Prevention (NCDC) subsequently confirmed that laboratory samples collected from both patients returned negative results after two rounds of testing.

The agency stressed that there was no laboratory-confirmed case of Ebola in Adamawa State.

In a statement signed by its Director-General, Jide Idris, the NCDC said it was working with the Adamawa State Government to investigate the suspected infections.

According to the agency, the two individuals were immediately isolated, while public health measures were activated and samples collected for laboratory examination.

“Fortunately, the samples turned out negative for EBV after two rounds of testing,” Mr Idris said.

An internal memorandum from the Adamawa State Ministry of Health and Human Services, dated October 30 and signed by the State Epidemiologist, Jones Kadabiyu, indicated that the State Public Health Emergency Operations Centre received a report about the suspected infections at 6:45 a.m.

The report was reportedly triggered by an alert from a clinician at Modibbo Adama University Teaching Hospital.

 

Continue Reading

Trending