The House of Representatives on Thursday approved the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper, endorsing a crude oil benchmark of $64.85 per barrel for the 2026 fiscal year, in contrast to the $60 benchmark adopted by the Senate.

The House also approved a total proposed federal expenditure of N54.46tn for 2026, comprising N31.83tn as Federal Government retained revenue and N20.38tn in new borrowings, covering both domestic and foreign loans.

The approval followed the adoption of the report of the joint Committees on Finance and National Planning during plenary, after the House dissolved into the Committee of Supply, chaired by Deputy Speaker Benjamin Kalu.

As contained in the framework, key fiscal parameters were sustained, including debt service estimated at N15.52tn; pensions, gratuities and retirees’ benefits of N1.376tn; and a fiscal deficit of N22.63tn. Also approved were capital expenditure (exclusive of transfers) of N20.13tn; statutory transfers of N3.152tn; and a sinking fund projected at N388.54bn.

In addition, the House sustained total recurrent (non-debt) expenditure of N15.27tn, alongside special interventions for recurrent and capital spending pegged at N200bn and N14bn respectively.

With the passage of the MTEF and FSP, all legislative requirements have been concluded, clearing the way for President Bola Tinubu to present the 2026 budget estimates to a joint session of the National Assembly on Friday.

Earlier, the Speaker Tajudeen Abbas read a letter from the President confirming his readiness to personally lay the budget before the lawmakers in line with the provisions of the 1999 Constitution (as amended).

According to the communication, Tinubu, “In his capacity as President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, will present the proposed 2026 budget estimates at 2 pm on Friday.”

Speaking ahead of the consideration of the report, Kalu explained that the joint committees made 10 recommendations, all of which were adopted unanimously by the House.

The committees, in their report, stated, “In the light of the above findings, the Committees recommend that the projected crude oil benchmark prices of $64.85, $64.30 and $65.50 per barrel for 2026, 2027 and 2028, respectively, be sustained.”

They also recommended sustaining domestic crude oil production projections of 1.84mbpd, 1.88mbpd and 1.92mbpd for 2026, 2027 and 2028, respectively.

On exchange rate assumptions, the report read, “The projected exchange rates for 2026, 2027, and 2028 are N1,512, N1,432, and N1,383, respectively, and should be sustained in line with CBN’s policy to stabilise the naira and promote effective fiscal and monetary policy coordination.”

The committees further sustained inflation projections of 16.5 per cent, 13 per cent and 9 per cent for 2026, 2027 and 2028, noting the commitment of monetary authorities to curb inflationary pressures. On economic growth, the report stated, “The GDP growth rate is projected at 4.68 per cent, 5.96 per cent and 7.9 per cent for the years 2026, 2027, and 2028, respectively.”

It added, “The real GDP growth rate projected at 4.68%, 5.96% and 7.9% for the years 2026, 2027, and 2028, respectively, be sustained in anticipation of the gains of tax reforms.”

The committees also recommended the implementation of a National Scanning Policy within the National Single Window of the Nigeria Revenue Services, noting that the initiative would “enhance revenue assurance, improve trade facilitation, reduce leakages, and strengthen transparency and national security.”

Following the approval, Speaker Abbas announced that the House would reconvene on Tuesday, December 23, 2025, to consider the report of the House Committee on Appropriations on the repeal and re-enactment of the N43.56 2024 budget.

Meanwhile, President Tinubu has transmitted the 2025 statutory budget proposal of the Niger Delta Development Commission to the National Assembly, barely 13 days to the end of the year.

In a letter accompanying the proposal, the President said the budget was prepared in line with Section 121 of the 1999 Constitution, adding that it aligns with the Federal Government’s fiscal and developmental priorities under the Renewed Hope Agenda.

According to the letter, the proposal also reflects the 2024–2026 Economic Recovery Growth Plan and key assumptions of the 2025 Appropriation Act. Tinubu noted that the NDDC would prioritise youth employment and empowerment, energy and power supply, education, industrial and enterprise development, health security, and agricultural productivity, to lift more citizens out of poverty.