ABUJA — The Federal Ministry of Finance and the Federal Ministry of Budget and Economic Planning held a workshop on August 29, 2026 to improve how Nigeria makes economic forecasts for budgeting.

Officials said the goal is to base Nigeria’s budgets on credible data and realistic assumptions, instead of estimates that often miss the mark. A review showed past budgets had big gaps, especially on oil production and revenue projections.

‎To fix this, the workshop agreed on five key steps.

First, set up a Standing Committee to review economic data and assumptions regularly and report to the Economic Management Team.

Second, create one central data bank so all government agencies use the same figures.

Third, develop a single reporting system with clear definitions for revenue, spending and borrowing.

Fourth, improve coordination between fiscal and monetary policy, and release key statistics like jobs and prices faster.

Fifth, test budget assumptions with better analysis and different scenarios before they are finalized.

‎The government said the changes are part of efforts to improve transparency and make economic planning more evidence-based.

Officials summed it up this way: better data leads to better assumptions, better assumptions lead to better planning, and better planning should lead to better results for Nigerians.