The House of Representatives passed the 2024-2026 medium-term expenditure framework on Tuesday, a set of assumptions that will be used to prepare the country’s budget over the next three years.
The document, which was agreed by President Bola Tinubu’s cabinet before going to the House of Representatives for approval, pegs the naira around 700 naira per dollar next year before firming slightly in 2025 and 2026.
The Nigerian currency last week briefly slumped to a record low of 1,105 against the dollar on the official market, bringing the official exchange rate within touching distance of the parallel market rate.
The currency later recovered to around N800.
The government is projecting a slight rise in crude production and gross domestic output growth, with a moderation in double-digit inflation.
Below are some of the assumptions in the medium-term expenditure framework:
The fiscal framework must also be passed by the upper chamber of parliament.
Tinubu is also due to send the country’s 2024 spending plan of 26 trillion naira ($34 billion) to parliament for approval.
Reuters
