Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), adopting a conservative oil price benchmark of $64.85 per barrel and a budget exchange rate of ₦1,512/$1 for 2026.
Minister of Budget and Economic Planning, Atiku Bagudu, told NEWSMEN after Wednesday’s meeting that the framework—developed with inputs from ministries, departments and agencies (MDAs), the private sector, civil society and development partners—will be submitted to the National Assembly (NASS) by December 8.
The MTEF sets two crude oil production assumptions: a target output of 2.06 million barrels per day (mbpd) and a more conservative benchmark output of 1.8mbpd for budgeting. Bagudu said the benchmark price was deliberately set below average Bonny Light earnings for caution
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