The House of Representatives has adopted the 2017 to 2019 medium term expenditure framework and fiscal strategy paper.
This is as President Muhammadu Buhari is set to present the 2017 budget estimates to a joint session of the National Assembly on Wednesday.
The house pegged the exchange rate of naira to a dollar at N350 as against the N299 recommended by the executive.
The green chamber also agreed on the oil benchmark of $42.50 per barrel with a proposed daily production of 2.22 million barrels per day.
House majority leader Femi Gbajabiamila moved the motion.