In a move aimed at strengthening Nigeria’s fiscal planning, President Bola Ahmed Tinubu has submitted the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for accelerated consideration.
The President, in his communication to the upper chamber, noted that the documents, approved by the Federal Executive Council on December 3, 2025, contain the fiscal assumptions and parameters that will form the backbone of the 2026 national budget.
“As the 2026 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2026–2028 MTEF and FSP, I seek the cooperation of the National Assembly for expeditious legislative action on the submission”, Tinubu stated.
The MTEF and FSP define the government’s revenue expectations, expenditure framework, deficit projections, and macroeconomic indicators for the next three years. Their timely passage is critical to ensuring that the 2026 budget cycle proceeds without delay.
With the documents now before the Senate, lawmakers are expected to begin committee-level scrutiny before submitting recommendations for full chamber approval.
Earlier, the President sent the same fiscal framework to the House of Representatives. The letter, read by Deputy Speaker, Benjamin Kalu, emphasized the urgency of swift legislative action to maintain a smooth and predictable budgetary timeline.
The FEC, chaired by the President, had set key benchmarks for the 2026–2028 period, including an oil price of $64.85 per barrel and an exchange rate of ₦1,512 to $1. These parameters will guide government revenue forecasts and spending limits across critical sectors such as security, infrastructure, and social welfare.
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