The House of Representatives on Thursday approved the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), endorsing a crude oil benchmark of $64.85 per barrel for the 2026 fiscal year.
The benchmark differs from the $60 per barrel earlier adopted by the Senate.
The House also approved a total proposed federal expenditure of N54.46tn for 2026. The spending plan comprises 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 the Deputy Speaker, Benjamin Kalu.
According to the approved framework, key fiscal parameters were sustained, including debt service estimated at N15.52tn, as well as pensions, gratuities and retirees’ benefits amounting to N1.376tn. The fiscal deficit for the 2026 fiscal year was put at N22.63tn.
The House also approved capital expenditure, exclusive of transfers, estimated at N20.13tn, alongside statutory transfers of N3.152tn. A sinking fund projection of N388.54bn was equally sustained.
In addition, lawmakers endorsed total recurrent (non-debt) expenditure of N15.27tn. Special intervention spending was also approved, with recurrent interventions pegged at N200bn and capital interventions set at N14bn.
The approval of the MTEF/FSP provides the fiscal foundation for the preparation and consideration of the 2026 Appropriation Bill.
