The House of Representatives has approved the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, setting a crude oil benchmark of $64.85 per barrel for 2026—higher than the $60 benchmark endorsed by the Senate. The difference highlights a clear disagreement between the two chambers over oil price assumptions for the upcoming fiscal year.
The House also approved a total federal expenditure of N54.46 trillion for 2026. This includes N31.83 trillion from government revenue and N20.38 trillion from new borrowings, covering both domestic and foreign loans. Key fiscal allocations include debt service at N15.52 trillion, pensions and retirees’ benefits of N1.376 trillion, and a projected fiscal deficit of N22.63 trillion. Capital expenditure, excluding transfers, is set at N20.13 trillion, with statutory transfers at N3.152 trillion and a sinking fund of N388.54 billion.
Deputy Speaker Benjamin Kalu, who chaired the Committee of Supply, said the joint committees on Finance and National Planning made ten recommendations, all adopted by the House. These included sustaining domestic crude oil production at 1.84mbpd, 1.88mbpd, and 1.92mbpd for 2026, 2027, and 2028, respectively. Exchange rates were projected at N1,512, N1,432, and N1,383 for the same period.
Inflation is forecasted at 16.5% for 2026, 13% for 2027, and 9% for 2028, while GDP growth is projected at 4.68%, 5.96%, and 7.9%. The committees also recommended implementing a National Scanning Policy within the Nigeria Revenue Service to enhance revenue, reduce leakages, and improve trade transparency and security.
Following the approval, Speaker Tajudeen Abbas confirmed that President Bola Tinubu will present the 2026 budget estimates to a joint session of the National Assembly on Friday, in line with constitutional requirements. The President has also submitted the 2025 statutory budget for the Niger Delta Development Commission, prioritizing youth empowerment, energy, education, industrial growth, health, and agriculture to reduce poverty and support national development.
