My people, make una gather around, e be say the senate don yan and pass the 2026–2028 medium-term expenditure framework (MTEF) for this country. Dem don give President Bola Tinubu chance to present the 2026 appropriation bill wey go cost N54.4 trillion, na big money o!
Senate President Godswill Akpabio dey lead the charge as dem announce this news on Tuesday. Lawmakers don analyze the report wey Sani Musa, di Niger East senator and finance committee chair, present. As e be, the report highlight how our federal government waka for 2025 with multiple budgets.
Now, as dem dey run di budget, dem don ask di Federal Inland Revenue Service (FIRS) to step up dem game, them don raise revenue target for 2026 from N31 trillion to N35 trillion. Chai! Na wetin dem dey call hustle!
We fit no talk say oil price no dey matter again, because lawmakers don adjust di oil benchmark price for 2026 to $60 per barrel, down from $64.85. No be small matter, but for 2027 and 2028 dem don set am at $65 and $70 respectively. This na adjustment wey dem make due to wahala wey dey happen for Europe and Middle East, and we all sabi as oil price dey waka anyhow for market.
Abeg, make we talk about crude oil production too, dem set target of 1.84 million barrels per day for 2026, 1.88 million for 2027 and 1.92 million for 2028. Senators dey sure say if security improve and investors come, we fit achieve am.
Next, di exchange rate levels dey set to N1,512 for di dollar in 2026, N1,432.15 for 2027 and N1,383.18 for 2028. Dem don try to align these figures with di Central Bank of Nigeria wey dey fight to stabilize naira.
Inflation rates dey expected to drop small, we dey look at 16.5% for 2026, 13% for 2027 and 9% for 2028. Dem don already plan am like that for financial authorities in charge.
Kalawa for real GDP growth too, we dey expect 4.68% for 2026, 5.96% for 2027 and 7.9% for 2028. Senators get hope say di tax and structural reforms go deliver better life for us by 2026.
As for revenue matter, dem don recommend strict implementation of tax laws wey fit help boost our economy. Dem dey come up with new policies like national scanning policy for Nigeria Revenue Service to reduce leakages wey dey happen.
Total budget size for 2026 don reach N54.46 trillion. Dem break am down show say N34.33 trillion na retained revenue, while new borrowings dey N17.88 trillion. E no finish there o! Debt service don reach N15.52 trillion and pensions go collect N1.37 trillion. We dey look at N20.13 trillion for fiscal deficit!
Akpabio come yan say dis framework no be final matter. E only dey set stage for di main national budget wey go follow soon. He assured us say if wahala show face, dem go adjust things as necessary.
Dem conclude di matter by adopting all di recommendations wey dey inside di MTEF/FSP report through voice vote. This approval don signal di beginning of di budget process for 2026. So as we dey look forward, we hope say dem go deliver better governance for di people.
Do you have a news tip for NNN? Please email us at editor@nnn.ng
