The Senate has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), paving the way for President Bola Tinubu to present the 2026 Appropriation Bill, projected at N54.4 trillion, later this week.
Senate President Godswill Akpabio announced the passage on Tuesday after deliberations on the report submitted by Senator Sani Musa, Chairman of the Senate Committee on Finance. Akpabio described the MTEF as a crucial prerequisite for the national budget, stressing that it does not reflect a final legislative position.
“The Medium-Term Expenditure Framework is only a prerequisite before the presentation of the budget. What we are discussing here is not final. If circumstances change, it will be returned to us for adjustments, reactions, or further action,” Akpabio said.
He added that the passage of the MTEF allows the National Assembly to receive the 2026 budget proposal between now and Thursday. “The framework is not cast in stone; reviews can still be made when the budget is formally laid before the Senate. We hope the projections are realistic enough to support the effective implementation of the Renewed Hope Agenda,” he noted.
During the brief debate, Senator Mohammed Monguno highlighted that the MTEF clearly outlined key fiscal parameters, describing them as achievable.
He cited the daily crude oil production benchmark of 1.84 million barrels and the reduced oil price benchmark of $60 per barrel—down from $64—as prudent and realistic given current market conditions.
Following discussions, the Senate adopted the recommendations contained in the MTEF/FSP report through a voice vote.
On Thursday, President Tinubu formally submitted the 2026–2028 MTEF/FSP to the upper chamber, officially launching the 2026 budget cycle.
In a letter addressed to the National Assembly, Tinubu noted that the submission complies with statutory requirements and sets out the fiscal parameters that will guide preparation of the 2026 Appropriation Bill.
The President explained that the MTEF/FSP outlines macroeconomic assumptions, revenue projections, and spending priorities that will shape Nigeria’s fiscal strategy over the next three years.
Deputy Senate President Barau Jibrin (APC, Kano North), who read Tinubu’s letter during plenary, urged lawmakers to expedite consideration of the framework to ensure timely passage of the budget.
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