WorldStage– The House of Representatives has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), according to communication from office of the Speaker, Tajudeen Abass.
The approval is a statutory requirement ahead of the formal presentation of the 2026 Appropriation Bill.
Key approved parameters in the 2026–2028 statutory requirement for presentation of appropriation bill include endorsement by the House of
several macroeconomic assumptions for the three-year period.
The approval set crude oil benchmark at $64.85 for 2026, $64.30 for 2027, and $65.50 for 2028, while projecting oil production at 1.84 million barrels per day (mbpd) for 2026, 1.88 mbpd for 2027, and 1.92 mbpd for 2028.
The approval retained exchange rates at ₦1,512/$1 for 2026, with further drops to ₦1,432.15 in 2027 and ₦1,383.18 in 2028.
With regard to inflation rate, it’s targeted at 16.5% in 2026, 13% in 2027, and 9% in 2028 while GDP growth rate is estimated at 4.68% for 2026, 5.96% for 2027, and 7.9% for 2028.
However, there’s a notable conflict between the two chambers – Senate and House of Reps – regarding the 2026 oil benchmark.
While the House of Representatives adopted $64.85 per barrel for 2026, aligning with the federal government’s proposal, the
Senate approved a more cautious $60 per barrel for 2026 to buffer against global oil price volatility.
This difference will likely require a conference committee to harmonize the documents before final presidential assent.
On fiscal projections,
the House sustained several other federal government recommendations, including
aggregate spending estimated at ₦54.46 trillion for the period; new borrowings totaling ₦20.38 trillion (domestic and foreign combined); debt service valued at ₦15.52 trillion; and
fiscal deficit sustained at ₦22.63 trillion.
