Lawmakers are divided over crude oil price assumptions in the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The House of Representatives has endorsed a benchmark of $64.85 per barrel for 2026, while the Senate reduced its figure to $60 per barrel.
The dispute emerged during discussions on revenue projections that underpin federal spending plans. The House said retaining the higher benchmark provides a more realistic view of government earnings.
Senators argued a lower benchmark better shields Nigeria’s finances from global oil price volatility, citing geopolitical risks affecting markets.
Also Read: Bonny Light sells at $71 Slips Below Nigeria’s Budget Benchmark
The disagreement has slowed consideration of the framework ahead of the 2026 appropriation process, with lawmakers expected to continue negotiations on the figures.
Leave feedback about this
You must be logged in to post a comment.