Senate Okays MTEF/FSP as 2026 Budget Presentation Expected This Week

The Senate has given its approval to the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), paving the way for President Bola Ahmed Tinubu to present the N54.4 trillion 2026 Appropriation Bill to the National Assembly, possibly within the week.

The approval was announced on Tuesday by the Senate President, Godswill Akpabio, following the consideration and debate of a report submitted by the Chairman of the Senate Committee on Finance, Senator Sani Musa.

Akpabio explained that the MTEF is a mandatory requirement preceding the presentation of the national budget, noting that its approval does not amount to the final position of the legislature.

He stated that the framework is essentially a provisional document that remains open to adjustments should circumstances warrant changes, adding that the National Assembly has the constitutional authority to review and amend it when necessary.

The Senate President further noted that the passage of the MTEF would enable the National Assembly to receive the 2026 budget proposal between now and Thursday. He emphasized that the framework remains flexible and can be revisited once the budget is formally laid before the lawmakers.

Akpabio expressed confidence that the projections contained in the MTEF are realistic enough to facilitate the successful implementation of the Renewed Hope Agenda.

In his contribution, Senator Mohammed Monguno described the fiscal parameters outlined in the MTEF as clear and achievable. He pointed to the crude oil production benchmark of 1.84 million barrels per day as realistic and described the reduction of the oil price benchmark from 64 dollars to 60 dollars per barrel as a prudent decision in light of prevailing economic conditions.

Following deliberations, the Senate adopted the recommendations contained in the MTEF/FSP report through a voice vote.

Earlier, on Thursday, the Senate had received the 2026–2028 MTEF and Fiscal Strategy Paper from President Tinubu, formally kick-starting the 2026 budget process.

In a letter addressed 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 explained that the document sets out the macroeconomic assumptions, revenue projections, and expenditure priorities that will determine Nigeria’s fiscal outlook over the next three years.

The Deputy President of the Senate, Senator Barau Jibrin (APC, Kano North), who read the president’s letter during plenary, urged his colleagues to accord the document accelerated consideration.