Nigerian Senate Passes 2026-2028 Budget Framework as Tinubu Gears Up for Budget Presentation

The Nigerian Senate has passed the 2026-2028 Medium Term Expenditure Framework and Fiscal Strategy Paper, paving the way for President Bola Tinubu to present the 2026 budget. The Senate revised the crude oil benchmark prices downward for 2026 while endorsing federal expenditure estimates of N54.46 trillion for 2026.

The framework includes projections for exchange rates, inflation rates, crude oil production targets, and real GDP growth rates. The Senate also approved the retention of certain revenue and borrowing targets to address fiscal deficits.