Nigeria could see short-term gains from surging global oil prices, but heightened geopolitical tensions and policy uncertainty may temper the upside, according to Lukman Otunuga, Head of Market Research at FXTM. In a statement on Tuesday, Otunuga said oil benchmarks are “heading for their best monthly gain since 1990,” driven by fears of supply disruptions …
There are concerns that the crisis in Venezuela presents a significant risk for Nigeria’s 2026 budget and the broader economy. While Venezuela and Nigeria are geographically distant, they are direct competitors in the global oil market. After months of tactical preparations, the United States invaded Venezuela during the weekend. The U.S. military force launched strikes …
The Nigerian National Assembly has experienced a legislative discrepancy, as the Senate and the House of Representatives approved different crude oil price benchmarks for the 2026–2028 Medium Term Expenditure Framework (MTEF). While both chambers agree on many macroeconomic targets, the disagreement over oil prices, which is the major source of Nigeria's foreign exchange earnings, highlights …
The Senate on Thursday received the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper from President Bola Tinubu, setting in motion the legislative review of the 3-year fiscal framework. The President's letter was read during plenary by the Senate deputy president, Barau Jibrin (APC, Kano North), who urged lawmakers to expedite consideration of the …
The Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) with a ₦34.33 trillion revenue target. The council approved the MTEF during its meeting on Wednesday, December 3, at the State House, Abuja, presided over by President Bola Tinubu. The Minister of Budget and Economic Planning, Atiku Bagudu, made this known to journalists. He …
