The Centre for the Promotion of Private Enterprise (CPPE) has raised concerns that delays in submitting the 2026–2028 Medium-Term Expenditure Framework could undermine legislative scrutiny and affect the credibility of Nigeria’s budgeting process.
The organisation expressed its concerns in a policy brief issued on Sunday by its director and chief executive officer, Muda Yusuf.
The brief noted that the Fiscal Responsibility Act requires the medium-term framework to be submitted to the National Assembly at least four months before a new fiscal year begins.
The organisation said failure to meet this statutory timeline puts lawmakers under pressure and reduces the depth of fiscal analysis needed for proper examination.
Yusuf said strict compliance with the Fiscal Responsibility Act is essential for strengthening fiscal governance, improving transparency and ensuring predictability in government financial planning.
The organisation acknowledged improvements in the new fiscal framework, especially the adoption of more cautious revenue and spending assumptions.
The Federal Executive Council had earlier approved an oil production benchmark of 2.6 million barrels per day for 2026 but adopted a more conservative figure of 1.8 million barrels per day for use in the 2026–2028 fiscal plan.
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The Council also approved an oil price benchmark of 64 dollars per barrel and an exchange rate assumption of 1,512 naira to the dollar.
Yusuf said these adjustments support more credible fiscal outcomes and offer a stronger foundation for sustainable budgeting.
The organisation however warned that the reforms remain insufficient and said assumptions on crude oil production, pricing and other macroeconomic variables must better reflect current realities.
The policy brief said the framework strengthens budget credibility but still falls short of the level of prudence required for Nigeria’s operating environment.
The Federal Executive Council approved the 2026–2028 framework during the week as part of broader fiscal planning for expected revenues, macroeconomic indicators and spending priorities over the next three years.
The Minister of Budget and Economic Planning, Atiku Bagudu, said government revenue for 2026 is projected at 34.33 trillion naira, including 4.98 trillion naira from government-owned enterprises.
Bagudu said the exchange rate assumption reflects political and economic expectations ahead of the 2027 general elections.
