Nigerian Senate Cuts Oil Benchmark, Approves ₦17.88 Trillion Borrowing for 2026 Fiscal Year

The Nigerian Senate has slashed the oil price benchmark for the 2026 fiscal year from $64.80 to $60 per barrel and approved a borrowing of ₦17.88 trillion. The decision was influenced by global economic conditions, particularly geopolitical tensions impacting crude oil prices.

Despite the reduction, the Senate retained domestic crude oil production projections for 2026-2028. The Senate also endorsed macroeconomic assumptions, including exchange rate projections and real GDP growth targets, aligning with the Central Bank of Nigeria's policies.