The House of Representatives has approved the Medium-Term Expenditure Framework (MTEF) for the 2026–2028 fiscal period, endorsing a $64.85 per barrel oil benchmark and a total spending projection of ₦54.46 trillion.
The approval follows careful deliberation over the three-year fiscal strategy, which outlines projected revenue, government spending priorities, and macroeconomic assumptions to guide the Federal Government’s budgeting process.
Oil Benchmark: $64.85 per barrel, reflecting current global oil market forecasts and expected production levels.
Total Spending: ₦54.46 trillion, covering federal ministries, departments, and agencies (MDAs) across recurrent and capital expenditures.
Revenue Assumptions: Incorporates projected revenues from oil, non-oil sources, and taxes to balance the national budget.
Fiscal Discipline: Emphasizes prudent resource allocation, debt management, and efficiency in public spending.
Members of the House commended the Federal Ministry of Finance for presenting a comprehensive MTEF, highlighting its role in strategic fiscal planning and long-term economic stability.
Lawmaker: “The approval of the MTEF ensures that Nigeria has a clear, structured spending plan for the next three years. The oil benchmark is realistic, and allocations to MDAs are aligned with national priorities.”
Analysts say the MTEF approval will:
• Guide the 2026 Appropriation Bill and subsequent annual budgets.
• Provide a roadmap for revenue mobilization and capital investment.
• Ensure consistency and predictability in government financial planning.
• Support macroeconomic stability, including inflation management, infrastructure development, and social welfare programs.
The oil benchmark at $64.85 per barrel is considered prudent given current global market volatility and Nigeria’s need to balance revenue expectations with production targets.
The Federal Government will now use the approved MTEF to prepare the 2026 Appropriation Bill for submission to the National Assembly. MDAs are expected to align their budgets with the MTEF projections to ensure effective implementation of government policies.
The approval of the 2026–2028 MTEF signals a commitment by Nigeria’s lawmakers to fiscal discipline, economic planning, and sustainable growth. With clear oil benchmarks and a structured spending plan, the country is better positioned to manage public resources efficiently over the medium term.
