The Senate has passed the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), paving the way for the presentation of the ₦54.4 trillion 2026 Appropriation Bill by President Bola Ahmed Tinubu later this week.
The passage was announced on Tuesday by Senate President Godswill Akpabio after the upper chamber considered and debated the report of the Senate Committee on Finance, presented by its Chairman, Senator Sani Musa.
Akpabio described the MTEF as a statutory prerequisite for the presentation of the national budget, stressing that the framework does not represent the final position of the National Assembly.
“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 of the MTEF would enable the National Assembly to receive the 2026 budget proposal between now and Thursday, noting that the document is not cast in stone and can still be reviewed when the budget is formally laid before the Senate.
The Senate President expressed optimism that the projections contained in the framework would be realistic enough to support the effective implementation of the administration’s Renewed Hope Agenda.
Contributing to the debate, Senator Mohammed Monguno said the MTEF clearly outlined key fiscal parameters, describing them as realistic. He cited the projected crude oil production benchmark of 1.84 million barrels per day as achievable, while noting that the reduction of the oil price benchmark from $64 to $60 per barrel was prudent in view of current global realities.
Following deliberations, the Senate adopted the recommendations of the MTEF/FSP report through a voice vote.
It would be recalled that the Senate had on Thursday received the 2026–2028 MTEF/FSP from President Tinubu, formally signalling the commencement of the 2026 budget cycle.
In a letter to the lawmakers, President Tinubu said the submission complied with statutory requirements and outlined the fiscal parameters that would guide the preparation of the 2026 Appropriation Bill. He added 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, Senator Barau Jibrin (APC, Kano North), who urged lawmakers to expedite consideration of the document to ensure a timely budget process.
