The Senate has passed the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), clearing the way for President Bola Tinubu to present the 2026 Appropriation Bill, estimated at N54.4 trillion, later this week.
Senate President Godswill Akpabio announced the passage on Tuesday after the chamber considered and debated the report presented by Senator Sani Musa, Chairman of the Senate Committee on Finance.
Akpabio emphasized that the MTEF is a prerequisite for the national budget and does not represent the legislature’s final 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 brought back to us for adjustments,” he said.
He explained that the framework’s approval enables the National Assembly to receive the 2026 budget proposal between now and Thursday and clarified that the document is not set in stone, as revisions can still be made once the budget is formally laid before the Senate. He expressed hope that the projections in the MTEF would be realistic enough to support the effective implementation of the Renewed Hope Agenda.
During the plenary debate, Senator Mohammed Monguno noted that the MTEF clearly outlined key fiscal parameters, describing them as realistic. He cited the projected daily crude oil production benchmark of 1.84 million barrels per day as achievable and regarded the reduction of the oil price benchmark from $64 to $60 per barrel as cautious and reasonable given current market realities.
Following deliberations, the Senate adopted the MTEF/FSP recommendations through a voice vote.
On Thursday, the upper chamber received the 2026–2028 MTEF and FSP from President Tinubu, marking the official start of the 2026 budget cycle. In a letter to the lawmakers, Tinubu stated that the submission complies with statutory requirements and sets out the fiscal parameters that will guide the preparation of the 2026 Appropriation Bill.
The President noted that the MTEF/FSP outlines macroeconomic assumptions, revenue projections, and spending priorities that will shape Nigeria’s fiscal direction over the next three years.
Deputy Senate President Barau Jibrin (APC, Kano North), who read the letter during plenary, urged lawmakers to expedite consideration of the document.
