The House of Representatives on Thursday approved the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), 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 N54.46 trillion 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.
