Reps approve 2026–2028 MTEF, differ with Senate on oil benchmark

The House of Representatives has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), endorsing key macroeconomic assumptions and fiscal projections underpinning the Federal Government’s 2026 budget. The approval followed the adoption of the report of the House Committees on Finance and National Planning and Economic Development, presented by the Chairman of […]

The House of Representatives has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), endorsing key macroeconomic assumptions and fiscal projections underpinning the Federal Government’s 2026 budget.

The approval followed the adoption of the report of the House Committees on Finance and National Planning and Economic Development, presented by the Chairman of the Finance Committee, Hon. James Abiodun Faleke, on Thursday.

However, the House differ with the Senate on the oil benchmark projection.

While the Senate pegged the oil benchmark at $60/barrel for 2026, the House adopted $64.85.

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The committees endorsed crude oil benchmark prices of $64.85 per barrel in 2026, $64.30 in 2027 and $65.50 in 2028, noting Nigeria’s improved crude oil output performance under the Organisation of Petroleum Exporting Countries (OPEC) production targets.

They observed that Nigeria recorded one of the strongest month-on-month production gains among OPEC members in November 2025, according to the December 2025 OPEC Monthly Oil Market Report.

The lawmakers also approved exchange rate projections of N1,512, N1,432.15 and N1,383.18 for 2026, 2027 and 2028, respectively, alongside inflation targets of 16.5 per cent, 13 per cent and 9 per cent over the same period.