Nigerian Senate Reduces Oil Price Benchmark to $60 in 2026 Budget Amid Global Tensions

The Nigerian Senate has lowered the oil price benchmark to $60 per barrel for the 2026 national budget, down from $64.30-$65.70 for 2027-2028. This decision was influenced by global geopolitical tensions in Europe and the Middle East.

The Senate also endorsed exchange rate projections and GDP growth targets, aiming to stabilize the economy amidst ongoing reform efforts. The Central Bank of Nigeria's policies are aligned to support the budget's macroeconomic assumptions.