ABUJA – The Federal Government’s Economic Management Team has set up a committee to harmonise the key assumptions used for budgeting and economic planning.

‎The team met in Abuja on Monday, 7 September 2026. It said inconsistent figures on oil prices, exchange rates, inflation and revenue had contributed to budget under-performance.

The new committee will align data used by fiscal and monetary authorities, and ensure government reports the same figures to the public and to external partners.

The National Bureau of Statistics said real GDP grew by 4.43 per cent year-on-year in the second quarter of 2026. That is the strongest quarterly growth since the third quarter of 2024.

The Central Bank of Nigeria said foreign reserves rose to more than 54 billion US dollars in early September, the highest in nearly 18 years. The naira also strengthened to around 1,300 to the US dollar, its firmest level in about two years.

‎Credit rating agency Moody’s has revised Nigeria’s outlook to positive. Public debt remains below 40 per cent of GDP. Global index provider FTSE Russell will also reclassify Nigeria as a Frontier Market from 21 September, after roughly three years away.

The team reviewed plans to grow agriculture ahead of the target of a 1 trillion US dollar economy by 2030. The plans include cutting post-harvest losses, expanding processing, and a new credit window for smallholder farmers. The Bank of Agriculture is also to be recapitalised.

‎The government is also preparing to host two major trade events in Lagos. The Creative Africa Nexus, CANEX, will hold in November 2026, and the Intra-African Trade Fair, IATF, in November 2027. The Ministry of Finance will coordinate funding and customs processes.

The Minister of Finance, Wale Edun, said a single set of economic assumptions will give fewer surprises in the budget and more confidence for investors and Nigerians.