The federal government is projecting about 60.97 trillion naira in oil revenue for the 2026 fiscal year, lower than the earnings anticipated in the 2025 budget, reflecting more conservative assumptions on crude oil prices and production. The projection is based on an analysis and the calculation of data contained in the 2026 appropriation bill presented to a joint session of the national assembly in Abuja by President Bola Tinubu on friday.
According to the president, the 2026 revenue estimate is anchored on a benchmark crude oil price of 64.85 dollars per barrel, daily production of 1.84 million barrels, and an average exchange rate of one thousand, four hundred naira to the dollar. Based on these parameters, findings indicated that Nigeria is expected to produce about 671.6 million barrels of crude oil in 2026, generating estimated gross earnings of 43.55 billion dollars, which translates to approximately 60.97 trillion naira at the projected exchange rate.
