The Senate has passed the Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) for 2026-2028
This was sequel to the adoption on Tuesday of the recommendation of the Senate Committee on Finance, which made significant revisions to the 2026–2028 budget projections amid global economic uncertainties and volatile oil prices.
Presenting the committee’s report, the senators proposed downward adjustments to the crude oil benchmark for the three-year period, fixing it at $60 per barrel for 2026, $65 for 2027 and $70 for 2028.
The figures represent a review of earlier estimates, which the committee said were no longer sustainable due to instability in the global oil market, heightened geopolitical tensions and other external pressures.
The committee’s report however, retained Nigeria’s oil production outlook, projecting 1.84 million barrels per day (bpd) in 2026, rising modestly to 1.88 million bpd in 2027 and 1.92 million bpd in 2028.
Details shortly…
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