The House of Representatives has adopted projected oil benchmark prices of $75, $76.2, and $75.3 per barrel for the years 2025, 2026, and 2027, respectively.
This decision aims to provide a stable foundation for Nigeria’s budget and economic planning.
The report, presented by the committees on Finance and National Planning, chaired by Hon. James Abiodun Faleke, also forecasts a significant increase in domestic crude oil production, projecting 2.06, 2.10, and 2.35 million barrels per day for the respective years.
Key economic projections include: GDP Growth Rates: 4.6%, 4.4%, and 5.5% for 2025, 2026, and 2027. Exchange Rate: NGN1400/USD across the three years. Inflation Rates: 15.75%, 14.21%, and 10.04% for 2025, 2026, and 2027, respectively.
The 2025 federal budget proposes a total spending of NGN47.9 trillion, with retained revenue at NGN34.82 trillion and new borrowings at NGN9.22 trillion. Debt servicing is projected at NGN15.38 trillion, while pensions, gratuities, and retirees’ benefits amount to NGN1.443 trillion.
The report raised concerns about: Non-remittance of operating surpluses by the NNPC and some revenue-generating agencies.
Alleged under-recovery claims by the NNPC, amounting to NGN10 trillion. Violations of the Fiscal Responsibility Act by several agencies.
The House has directed investigations into the NNPC’s agreements, revenue remittances, and unaccounted claims between 2020 and 2023. The Committees on Finance, Petroleum Upstream, and Petroleum Downstream will also probe subsidy-related expenditures and discrepancies reported by the Nigeria Extractive Industries Transparency Initiative (NEITI).
The approved projections aim to ensure fiscal discipline and foster sustainable economic growth.
