The Economic Management Team has approved the establishment of an inter-agency committee to harmonise the macroeconomic assumptions used by government agencies for budgeting and economic planning.
The decision was taken at the team’s meeting in Abuja on Monday, where it reviewed developments across the economy, agriculture, trade and investment, manufacturing, and Nigeria’s preparations to host major continental trade events.
The new committee will harmonise key assumptions, including crude oil prices and production volumes, exchange rates, inflation and non-oil revenue projections used by fiscal and monetary authorities.
According to the Federal Ministry of Finance, the move followed a joint budget retreat and technical validation workshop which identified inconsistent assumptions among government agencies as one of the factors contributing to budget under-performance.
The committee will also address inconsistencies in the reporting of key economic indicators within government and to the public.
The Economic Management Team noted that Nigeria’s real Gross Domestic Product grew by 4.43 per cent year-on-year in the second quarter of 2026, the strongest quarterly performance since the third quarter of 2024, according to the National Bureau of Statistics.
External reserves rose above 54 billion dollars in early September, their highest level in nearly 18 years, based on Central Bank of Nigeria data.
The team also reviewed measures aimed at increasing agriculture’s contribution to Nigeria’s ambition of achieving a one-trillion-dollar economy by 2030.
The strategy includes reducing post-harvest losses, expanding processing and mechanisation, improving export compliance and ensuring capital releases are made ahead of planting seasons.
The Ministry of Finance has been tasked with coordinating funding and customs facilitation, alongside the Ministry of Industry, Trade and Investment.
The team has also adopted a revised Terms of Reference, expanding its responsibilities to include macroeconomic performance reviews, stronger fiscal and monetary coordination.
The EMT will now meet monthly, with at least two strategic sector reviews expected at each sitting.
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