Nigerian senate passes 2026-2028 MTEF/FSP

The Senate on Tuesday, December 16, put the federal governments total projected spending for the 2026 fiscal year at N54.46 trillion following the approval of the Medium Term Expenditure Framework and Fiscal Strategy Paper covering 2026 to 2028. The approval was given during plenary after lawmakers considered and adopted the report of the Senate Committees on Finance on the fiscal document. As part of the framework, the Senate endorsed an oil benchmark price of 64.85 dollars per barrel and projected aggregate revenue of N34.33 trillion for 2026. The fiscal plan also estimates a deficit of N20.13 trillion. To bridge the gap, the federal government is expected to borrow N17.88 trillion, while debt servicing costs for the year are projected at N15.52 trillion. Spending on pensions, gratuities and retirees benefits was put at N1.376 trillion. The report that formed the basis of the Senates approval was presented by the chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa of APC Niger East.The post Nigerian senate passes 2026-2028 MTEF/FSP appeared first on Linda Ikeji Blog.