President Bola Tinubu has transmitted the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives, urging lawmakers to fast-track its approval as the foundation for the 2026 federal budget.

The letter, read by the Deputy Speaker Benjamin Kalu during yesterday’s plenary, underscored the urgency of timely legislative consideration to ensure a smooth budget process.

“It is with pleasure that I forward the 2026 to 2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper, MTEF and FSP, for the kind consideration and approval of the House of Representatives,” the letter read.

The MTEF/FSP was approved by the Federal Executive Council (FEC) on December 3, 2025, marking a critical step in Nigeria’s annual budget cycle.

The FEC, chaired by the President, serves as the highest decision-making body for national fiscal policy, approving spending frameworks, revenue assumptions, and economic projections that guide the preparation of the federal budget.

For the 2026–2028 framework, the FEC pegged the oil price benchmark at $64.85 per barrel and set the budget exchange rate at N1,512 to $1. These parameters provide the baseline for revenue forecasts and expenditure ceilings for the coming three years.

The MTEF/FSP also outlines government priorities across key sectors, including infrastructure, social services, and security, offering a strategic roadmap for economic planning.

By transmitting it to the House of Representatives, the presidency signals its commitment to fiscal discipline and timely budget implementation.

FEC’s approval is a critical precursor to legislative scrutiny, ensuring that budget proposals align with national economic goals before being formally debated and passed by the National Assembly.