The Nigerian Senate has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), allowing President Bola Tinubu to present the 2026 Appropriation Bill, projected at ₦54.4 trillion, later this week.
The approval followed a plenary session on Tuesday during which the Chairman of the Senate Committee on Finance, Senator Sani Musa, presented a detailed report on the framework. Senate President Godswill Akpabio described the MTEF as a statutory requirement that precedes the formal budget submission, emphasising that its passage does not constitute the final legislative 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 added that the passage of the framework enables the National Assembly to receive the 2026 budget proposal between now and Thursday and noted that the document will remain open to review once the full budget is formally laid before lawmakers.
Senator Mohammed Monguno, during deliberations, described the fiscal parameters outlined in the framework as achievable, highlighting the projected crude oil production benchmark of 1.84 million barrels per day.
He further noted that reducing the oil price benchmark from $64 to $60 per barrel reflected prudent adjustment in light of global market conditions.
The recommendations contained in the MTEF/FSP report were adopted by the Senate through a voice vote. The document, transmitted earlier by President Tinubu to the National Assembly, outlined macroeconomic assumptions, revenue projections, and expenditure priorities to guide the preparation of the 2026 Appropriation Bill.
Deputy Senate President Barau Jibrin, who read the President’s letter on the floor, urged lawmakers to expedite consideration of the document to ensure an orderly and timely budget process.
“The submission complies with statutory requirements and provides the foundation for the 2026 budget cycle,” Jibrin said, stressing the importance of adherence to legislative timelines.
The passage of the MTEF marks a key procedural milestone ahead of the formal presentation of the nation’s 2026 budget.
