Nigeria Approves Fiscal Plan Proposing $37.7 Billion 2026 Budget
By Naija Enquirer Staff
Nigeria’s cabinet has approved a medium-term fiscal plan projecting total spending of around 54.5 trillion naira ($37.71 billion) for 2026, the Minister of Budget and Planning, Atiku Bagudu, announced on Wednesday.
The plan forecasts federal revenue of 34.33 trillion naira, leaving a deficit of 20.1 trillion naira, equivalent to 3.61% of GDP. Debt service costs are estimated at 15.9 trillion naira, while nonrecurrent debt expenditure is set at 15.27 trillion naira, highlighting ongoing fiscal pressures on Africa’s most populous nation.
The budget framework benchmarks oil at $64.85 per barrel, with expected production averaging 1.84 million barrels per day (bpd), falling short of the 2.06 million bpd target. The plan also assumes an exchange rate of 1,512 naira per dollar and GDP growth of 4.68%.
The cabinet approval signals the government’s fiscal priorities ahead of the 2026 financial year, balancing investment needs with debt sustainability amid fluctuating oil revenues.
Reporters: Camillus Eboh, Elisha Bala-Gbogbo | Editing: Matthew Lewis – Reuters
