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 formally present the 2026 Appropriation Bill, estimated at ₦54.4 trillion, later this week.
The approval was announced on Tuesday by Senate President Godswill Akpabio after lawmakers considered and debated the report submitted by the Chairman of the Senate Committee on Finance, Senator Sani Musa.
Akpabio described the passage of the MTEF as a critical procedural requirement ahead of the presentation of the national budget, stressing that the document does not represent the final position of the legislature on fiscal matters.
“The Medium-Term Expenditure Framework is only a prerequisite before the presentation of the budget. What we are discussing here is not a finality. If circumstances change, it will be brought back to us for adjustment,” Akpabio said.
He explained that the approval of the framework would allow the National Assembly to receive the 2026 budget proposal within the week, possibly between Tuesday and Thursday. According to him, the projections contained in the MTEF remain flexible and subject to review once the budget estimates are formally laid before the Senate.
The Senate President also expressed optimism that the fiscal assumptions and projections outlined in the framework would be sufficiently realistic to support the successful implementation of the Federal Government’s Renewed Hope Agenda.
Contributing to the debate, Senator Mohammed Monguno said the MTEF clearly defined key fiscal benchmarks, describing them as achievable and reflective of current economic realities. He cited the projected daily crude oil production target of 1.84 million barrels per day as realistic, while noting that the reduction of the oil price benchmark from $64 to $60 per barrel was a cautious and prudent move.
Following deliberations, the Senate adopted the recommendations contained in the MTEF/FSP report through a voice vote.
President Tinubu had last Thursday transmitted the 2026–2028 MTEF/FSP to the Senate, officially marking the start of the 2026 budget cycle. In his covering letter, the President said the submission complied with statutory requirements and outlined the fiscal parameters that would guide the preparation of the 2026 Appropriation Bill.
The President explained that the framework sets out the macroeconomic assumptions, revenue projections and expenditure priorities that will shape Nigeria’s fiscal direction over the next three years. The letter was read during plenary by the Deputy President of the Senate, Barau Jibrin (APC, Kano North), who urged lawmakers to expedite consideration of the document to ensure timely passage of the 2026 budget.
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