Nigeria's cabinet has signed off on a medium-term fiscal plan that projects spending of around 54.5 trillion naira ($37.71 billion) in 2026, its minister of budget and planning said on Wednesday.

The plan forecasts total federal revenue at 34.33 trillion naira, leaving a 20.1 trillion naira deficit, or 3.61% of GDP, with debt service costs estimated at 15.9 trillion naira, Atiku Bagudu told reporters after a cabinet meeting in Abuja.

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Nonrecurrent debt expenditure is set at 15.27 trillion, underscoring the fiscal strain on Africa's most populous country.

Oil, which accounts for most of the government's foreign exchange, is benchmarked at $64.85 per barrel, with production expected to average 1.84 million barrels per day (bpd), well below a 2.06 million bpd target, Bagudu said.

The framework assumes an exchange rate of 1,512 per dollar and GDP growth of 4.68%, he said.