The Nigerian Senate has passed the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), paving the way for President Bola Ahmed Tinubu to present the 2026 Appropriation Bill of N54.4 trillion this week.
Senate President Godswill Akpabio announced the passage on Tuesday following the consideration and debate on the report presented by the Chairman of the Senate Committee on Finance, Sani Musa.
Senator Akpabio described the MTEF as a prerequisite for the presentation of the national budget, emphasising that the framework 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 a finality. If circumstances change, it will be brought back to us to rejig, react, or act,” he said.
He explained that the passage of the MTEF would allow the National Assembly to receive the 2026 budget proposal between now and Thursday and noted that the framework is not cast in stone, as reviews can be made once the budget is formally laid before the Senate.
Senator Akpabio expressed hope that the projections in the framework would be realistic enough to support the effective implementation of the Renewed Hope Agenda.
During a brief debate, Senator Mohammed Monguno said; “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 described the reduction of the oil price benchmark projection to 60 dollars per barrel from 64 dollars as prudent given current realities.
Following deliberations, the Senate adopted the recommendations contained in the MTEF/FSP report through a voice vote.
Last Thursday, the Senate received the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper from President Tinubu, signalling the launch of the 2026 budget cycle.
In a letter to lawmakers, President Tinubu said the submission complies with statutory requirements and sets out the fiscal parameters that will guide preparation of the 2026 Appropriation Bill.
He explained that the MTEF/FSP outlines the macroeconomic assumptions, revenue projections, and spending priorities that will shape Nigeria’s fiscal direction over the next three years.
The Deputy President of the Senate, Barau Jibrin (APC, Kano North), who read President Tinubu’s letter during plenary, urged lawmakers to expedite consideration of the document.
PIAK