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FEC APPROVES N58.47 TRILLION 2026 BUDGET, REVISES EXCHANGE RATE ASSUMPTION

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The Federal Executive Council has approved the 2026 Appropriation Bill of N58.47 trillion. The emergency meeting was chaired by Vice President Kashim Shettima hours before President Bola Tinubu presented the budget to the National Assembly.

Briefing journalists after the meeting, the Minister of Information and National Orientation, Mohammed Idris, stated that the 2026 budget proposal was the only item considered by the Council.

The Minister of Budget and Economic Planning announced a key revision to the budget’s underlying assumptions. The Council revised the exchange-rate assumption downward from N1,512 to N1,400 per US dollar. This revision necessitated consequential adjustments to the overall budget size.

Providing further details, the Director-General of the Budget Office, Tanimu Yakubu, said the total expenditure is projected at N58.47 trillion. This figure represents a six per cent increase over the 2025 budget. The total includes N4.98 trillion allotted for government-owned enterprises and N1.37 trillion for grant- and donor-funded projects.

The approval and revisions finalize the executive’s framework ahead of the budget’s transmission to the legislature for consideration.

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Aviation Expert Supports FCCPC, Accuses Airlines of Exploiting Passengers

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The Managing Director of Belujane Konzult, Chris Aligbe, has defended the Federal Competition and Consumer Protection Commission (FCCPC) over its probe into domestic airline fares, dismissing criticisms as a misunderstanding of the law.

Aligbe spoke amid controversies surrounding allegations of price-fixing by domestic airlines during the high travel season last December. He stated that the FCCPC acted within its legal mandate, describing the sharp airfare hikes as unjustifiable and not backed by factors such as rising Jet A1 fuel costs or new taxes, as claimed by the airlines.

The Airline Operators of Nigeria (AON) had previously challenged the FCCPC’s interim report, arguing that the commission lacked competence in airline economics and that its findings could threaten the survival of domestic carriers.

Despite the disagreement, the FCCPC proceeded to indict five unnamed indigenous airlines and announced plans to impose sanctions in line with existing laws. The commission also intends to engage forensic experts to examine the alleged price-fixing practices.

Speaking to The Guardian in Lagos, Aligbe emphasized that while the Nigeria Civil Aviation Authority (NCAA) regulates the aviation sector, the FCCPC functions as a cross-sectoral competition and consumer protection authority, with jurisdiction to intervene in anti-competition cases across industries, including aviation.

He added that the FCCPC’s authority, established by an Act of the National Assembly, has been reinforced by judicial endorsements, including those from the Chief Justice of Nigeria.

Responding to claims that the FCCPC lacked aviation expertise, Aligbe said the arguments were unfounded, noting that former FCCPC Chief Executive Officer Babatunde Irukera contributed to drafting the commission’s founding legislation, ensuring continuity of institutional knowledge.

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Aligbe further accused domestic airlines of exploiting passengers during peak periods by delaying the opening of booking portals, which forces last-minute ticket purchases at inflated prices. He dismissed airline claims that aircraft unavailability caused these delays, stating that proper planning should ensure fleet readiness ahead of high-demand seasons.

 

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Nigeria Calls for Stronger Africa–Latin America Alliance at CELAC Forum in Colombia

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Nigeria has called for deeper economic, cultural, and strategic collaboration between Africa and Latin America at the CELAC–Africa High-Level Forum held in Bogotá.

Minister of Foreign Affairs, Yusuf Maitama Tuggar, who represented President Bola Ahmed Tinubu, described the forum as a critical platform for strengthening cooperation among Global South nations amid growing geopolitical uncertainties.

Tuggar commended Gustavo Petro for convening the meeting at a pivotal moment in global affairs, noting that ongoing global conflicts continue to have far-reaching consequences for developing countries.

He urged participating nations to work collectively to promote stability and mitigate shared risks, while advocating for a more unified and influential Global South voice in the evolving global order.

Highlighting Nigeria’s priorities, the minister identified key areas for collaboration, including education, energy, agriculture, solid minerals, and technology. He stressed the need for inclusiveness in emerging technologies such as artificial intelligence, warning that developing regions must not be left behind.

Reaffirming Nigeria’s commitment to international cooperation, Tuggar referenced the country’s Technical Aid Corps programme, which has supported Caribbean nations since 1987, and expressed readiness to expand partnerships across trade, healthcare, culture, and climate resilience.

On economic prospects, he noted Nigeria’s position as Africa’s largest market, pointing to opportunities in agriculture and agro-processing, as well as ongoing efforts to achieve food self-sufficiency through increased fertiliser production.

He also underscored the importance of cultural exchange and the creative industry in strengthening ties, calling for enhanced collaboration in arts, education, digital innovation, and intellectual property development.

Addressing global challenges, Tuggar called for joint action on climate change, healthcare access, and technology transfer, while reiterating Nigeria’s stance on tackling illicit financial flows and advancing discussions on historical reparations linked to slavery and colonialism.

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The CELAC–Africa High-Level Forum, held from March 20 to 21, 2026, brought together leaders from Africa, Latin America, and the Caribbean to deepen cooperation across political, economic, and cultural sectors.

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Nigeria, EU Hold High-level Ministerial Dialogue in Abuja

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Nigeria is set to host the 8th Nigeria–European Union Ministerial Dialogue in Abuja, as both parties seek to strengthen diplomatic and economic ties.

The meeting, scheduled for Monday at the Ministry of Foreign Affairs, Tafawa Balewa House, will be led on the Nigerian side by the Minister of Foreign Affairs, Yusuf Maitama Tuggar. The European Union delegation will be headed by Kaja Kallas, who also serves as Vice-President of the European Commission.

Kallas arrived in Abuja on Sunday ahead of the talks and is expected to hold a bilateral meeting with Tuggar to review Nigeria–EU relations and explore new areas of cooperation.

As part of her visit, the EU envoy will also pay a courtesy call on Vice President Kashim Shettima at the Presidential Villa, in a move aimed at deepening diplomatic engagement.

Both parties are expected to address journalists in a joint press briefing after the dialogue, outlining key outcomes and areas of agreement.

The ministerial talks will focus on critical sectors including trade and investment, security cooperation, governance, migration, climate action, and sustainable development.

The Ministry of Foreign Affairs Nigeria reaffirmed Nigeria’s commitment to strengthening bilateral relations with the European Union, expressing optimism that the dialogue will yield productive and forward-looking outcomes.

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