Nigeria’s federal government has approved a medium-term fiscal framework for 2026, projecting total expenditure of N54.5 trillion ($37.7 billion), according to the Minister of Budget and Planning, Atiku Bagudu.
The plan anticipates federal revenue of N34.33 trillion, leaving a deficit of N20.1 trillion, equivalent to 3.61% of GDP. Debt servicing is expected to consume N15.9 trillion, while non-recurrent debt spending is pegged at N15.27 trillion, highlighting the fiscal pressures facing Africa’s largest economy.
Bagudu disclosed that the government has set oil at a benchmark price of $64.85 per barrel, with anticipated production of 1.84 million barrels per day (bpd)—short of the 2.06 million bpd target. The budget framework also assumes a foreign exchange rate of N1,512 per dollar and a GDP growth rate of 4.68% for 2026.
The minister shared the details following a cabinet meeting in Abuja, emphasizing that the plan balances ambitious development goals with debt sustainability in a challenging macroeconomic environment.
