The House of Representatives has approved the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025 to 2027, submitted by President Bola Tinubu, signaling a significant step toward economic planning for the years ahead.
The decision was reached during Wednesday’s plenary after the Joint Committee on Finance and National Planning presented its report. The House adopted key projections, including an oil benchmark price of $75 per barrel for 2025, increasing to $76.2 and $75.3 per barrel in 2026 and 2027, respectively.
Additionally, domestic crude oil production is projected at 2.06 million barrels per day in 2025, marking a notable rise from the current year’s 1.78 million barrels per day. This ambitious production target reflects the government’s efforts to bolster oil revenues amidst global market fluctuations.
The Gross Domestic Product (GDP) growth rates are projected at 4.6%, 4.4%, and 5.5% for 2025, 2026, and 2027, respectively, while the exchange rate is forecast to stabilize at 1,400 Naira to the US Dollar across the three years.
According to the report, the framework aims to create “a realistic and sustainable foundation for Nigeria’s budget planning.” With these projections, the government is laying out a strategic path to strengthen fiscal stability and economic growth.
The approved MTEF reflects the administration’s focus on achieving macroeconomic stability and providing a roadmap for sustainable development amid domestic and global challenges.