Tinubu submits 2026–2028 MTEF/FSP to Senate, seeks prompt approval

President Bola Ahmed Tinubu has officially forwarded the Federal Government’s 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate, urging lawmakers to give the documents quick consideration to facilitate the timely preparation of the 2026 national budget.

In his message to the Senate, the President expressed satisfaction in transmitting the fiscal framework, which the Federal Executive Council approved on December 3, 2025. He explained that the assumptions and parameters contained in the MTEF and FSP will guide the formulation 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,” Tinubu noted.

The MTEF and FSP present the government’s revenue expectations, spending plans, deficit targets, debt management approach, and macroeconomic indicators for the next three years. Early passage by the National Assembly remains essential for maintaining the 2026 budget calendar.

With the documents now before the Senate, lawmakers are expected to begin examination through the appropriate committees before making recommendations to the full chamber for approval.

The Guardian earlier reported that the President had also forwarded the 2026–2028 MTEF and FSP to the House of Representatives, urging swift approval as the basis for the 2026 federal budget.

The letter, presented by Deputy Speaker Benjamin Kalu during Wednesday’s plenary session, underscored the need for speedy legislative attention to ensure a seamless 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 serves as a major component of Nigeria’s yearly budget formulation process.

The Federal Executive Council, chaired by the President, is the highest decision-making body for fiscal matters, approving expenditure frameworks, revenue expectations, and economic indicators that shape the national budget.

For the 2026–2028 plan, the FEC set an oil price benchmark of $64.85 per barrel and fixed the budget exchange rate at N1,512 to $1. These figures form the basis for revenue estimates and spending limits for the next three years.

The MTEF/FSP also outlines government priorities in critical sectors such as infrastructure, security, and social services, providing strategic direction for economic planning.

By forwarding the documents to the House of Representatives, the presidency reaffirms its commitment to fiscal prudence and timely execution of the federal budget.