Nigeria lawmakers approve mid-term fiscal plan for next three years

By Camillus Eboh

ABUJA (Reuters) – Nigeria’s Senate passed the medium-term expenditure framework for 2024-2026 on Wednesday, setting out the government’s fiscal plan for the next three years.

Lawmakers in the House of Representatives, the lower arm of parliament, had passed the framework on Tuesday.

The framework, a key document in the Nigerian budget process, ensures that government spending aligns with its economic and social goals. It is a three-year rolling plan that sets out the government’s spending priorities and how it will fund them.

The passage of the framework by Nigeria’s two arms of parliament paves the way for President Bola Tinubu to send the country’s 2024 budget proposal of 26 trillion naira ($34 billion) to parliament for approval.

The document, which was agreed by Tinubu’s cabinet before going to lawmakers for approval, expects the naira currency to trade around 700 per dollar next year before firming slightly in 2025 and 2026.

(Writing by Elisha Bala-Gbogbo; Editing by Kirsten Donovan)