The House of Representatives has approved projected oil benchmark prices of $75 for 2025, $76.2 for 2026, and $75.3 for 2027 as part of Nigeria’s budget planning

This decision is designed to provide a stable basis for the country’s economic planning and budgeting. The report, presented by the Committees on Finance and National Planning, chaired by Hon. James Abiodun Faleke, also includes a forecast for increased domestic crude oil production, with projections of 2.06 million barrels per day for 2025, 2.10 million barrels per day for 2026, and 2.35 million barrels per day for 2027. Key economic projections include GDP growth rates of 4.6%, 4.4%, and 5.5% for 2025, 2026, and 2027, respectively; an exchange rate of NGN1400/USD for all three years; and inflation rates of 15.75%, 14.21%, and 10.04% for 2025, 2026, and 2027. The proposed 2025 federal budget totals NGN47.9 trillion, with retained revenue set at NGN34.82 trillion and new borrowings expected to reach NGN9.22 trillion. Debt servicing is projected at NGN15.38 trillion, while pensions, gratuities, and retirees’ benefits are estimated at NGN1.443 trillion. The report also highlighted several concerns, including the non-remittance of operating surpluses by the NNPC and other revenue-generating agencies, alleged under-recovery claims by the NNPC amounting to NGN10 trillion, and violations of the Fiscal Responsibility Act by multiple agencies. As a result, the House has called for investigations into the NNPC’s agreements, revenue remittances, and unaccounted claims from 2020 to 2023. The Committees on Finance, Petroleum Upstream, and Petroleum Downstream will also examine subsidy-related expenditures and discrepancies reported by the Nigeria Extractive Industries Transparency Initiative (NEITI). These projections aim to promote fiscal discipline and support sustainable economic growth.