President Bola Ahmed Tinubu has formally transmitted the Federal Government’s 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate, requesting swift legislative consideration to enable timely preparation of the 2026 national budget.

In a communication to the upper chamber, the President said he was pleased to forward the fiscal documents, which were approved by the Federal Executive Council on December 3, 2025. He noted that the assumptions and parameters outlined in the MTEF and FSP will form the foundation of the 2026 budget.
“As the 2026 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2026–2028 MTEF and FSP, I seek the cooperation of the National Assembly for expeditious legislative action on the submission,” the President stated.

The MTEF and FSP outline government revenue projections, expenditure plans, deficit targets, debt strategy, and macroeconomic assumptions for the next three years. Early approval by the National Assembly is crucial for keeping the 2026 budget cycle on schedule.

With the documents now before the Senate, lawmakers are expected to commence scrutiny through the relevant committees before forwarding recommendations to the full chamber for approval.

The Guardian reported that the President had earlier 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 Deputy Speaker Benjamin Kalu during Wednesday’s plenary, underscores 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 stated.
The MTEF/FSP marks 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.