Overview

The document titled 'Revised 2024-2026 MTEF' presents the Medium-Term Fiscal Framework for Nigeria for the years 2024 to 2026, as approved by the National Assembly (NASS) and supplement. It outlines key fiscal assumptions, projected revenues, and expenditure targets. Key assumptions include a benchmark oil price of $77.96 per barrel in 2024, decreasing to $69.90 in 2026; an average exchange rate of N750/US$ in 2024, adjusting to N665.61 and N679.79 in subsequent years; and total oil production of 1.78 million barrels per day (mbpd) in 2024, rising to 1.81 mbpd in 2026. The framework details various revenue streams: federally collectible revenue is projected at N30.86 trillion in 2024, N29.71 trillion in 2025, and N31.59 trillion in 2026. Oil revenue constitutes the bulk, with gross oil revenue estimated at N18.75 trillion in 2024. Non-oil taxes, including Company Income Tax (CIT) and Petroleum Profit Tax (PPT)/Hydrocarbon Tax (HT), are also detailed. The document includes line items for specific components such as dividends from NNPC Limited, production sharing contracts (PSC), joint ventures (JV), and independent producers. It also notes adjustments from the 2023 budget, including repayment arrears and changes in oil production arrangements. The framework reflects Nigeria's fiscal strategy for the medium term, focusing on oil and gas revenue, exchange rate management, and tax collection.

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