The Senate on Tuesday passed the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), setting the stage for President Bola Tinubu to present the 2026 Appropriation Bill, estimated at ₦54.4 trillion, later this week.
The approval followed consideration of a report presented 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 statutory requirement that must precede the national budget, stressing that it does not reflect 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 added that the framework’s approval would enable the National Assembly to receive the 2026 budget proposal between now and Thursday, noting that the document remains open to review once the full budget is formally laid before lawmakers.
Read Also: Reps vow to end sale of substandard drugs, safeguard public health
Akpabio expressed confidence that the projections in the MTEF would be realistic enough to support effective implementation of the Federal Government’s Renewed Hope Agenda.
During deliberations, Senator Mohammed Monguno described the fiscal parameters in the framework as achievable, highlighting the projected crude oil production benchmark of 1.84 million barrels per day. He also noted that reducing the oil price benchmark to $60 per barrel from $64 was prudent given prevailing global market conditions.
Following the debate, the Senate adopted the recommendations in the MTEF/FSP report through a voice vote.
Earlier, President Tinubu had transmitted the 2026–2028 MTEF and FSP to the National Assembly, officially commencing the 2026 budget cycle.
In a letter read on the Senate floor by Deputy Senate President Barau Jibrin (APC, Kano North), the President said the submission complied with statutory requirements and outlined macroeconomic assumptions, revenue projections, and expenditure priorities to guide the preparation of the 2026 Appropriation Bill.
Jibrin urged lawmakers to expedite consideration of the document to ensure a smooth and timely budget process.
