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, estimated at ₦54.4 trillion, later this week.
The approval followed the consideration of a report presented on Tuesday by the Chairman of the Senate Committee on Finance, Senator Sani Musa, during plenary.
Announcing the passage, Senate President Godswill Akpabio described the MTEF as a mandatory step that must precede the presentation of the national budget, stressing that its approval does not amount to 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,” Akpabio said.
He explained that the approval would allow the National Assembly to receive the 2026 budget proposal between now and Thursday, adding that the framework remains subject to review once the full budget is formally presented.
Akpabio also expressed confidence that the projections contained in the MTEF would be realistic enough to support the implementation of the Federal Government’s Renewed Hope Agenda.
During deliberations, Senator Mohammed Monguno described the fiscal assumptions as achievable, pointing to the crude oil production benchmark of 1.84 million barrels per day. He added that reducing the oil price benchmark to $60 per barrel from $64 was a cautious decision in view of current global market conditions.
After the debate, the Senate adopted the committee’s recommendations on the MTEF/FSP through a voice vote.
Earlier, President Tinubu had transmitted the 2026–2028 MTEF and Fiscal Strategy Paper to the National Assembly, formally kicking off the 2026 budget process.
In a letter read on the Senate floor by Deputy Senate President Barau Jibrin, the President said the submission was in line with statutory requirements and outlined key macroeconomic assumptions, revenue projections and expenditure priorities that would guide the preparation of the 2026 Appropriation Bill.
Jibrin urged lawmakers to give the document prompt consideration to ensure a smooth and timely budget cycle.
