Senate Passes 2026–2028 MTEF, Indicates Readiness for Tinubu’s N54.4Tr Budget Presentation

The Nigerian Senate has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), paving the way for President Bola Tinubu to present the 2026 Appropriation Bill, pegged at N54.4 trillion, later this week.

Senate President Godswill Akpabio announced the passage on Tuesday after the upper chamber reviewed and debated the report submitted by the Chairman of the Senate Committee on Finance, Sani Musa. He emphasised that the MTEF serves as a preparatory document for the national budget and does not represent the legislature’s final stance.

“The Medium-Term Expenditure Framework is only a prerequisite before the presentation of the budget. This is not a final position. Should circumstances change, it will be brought back to us for adjustment,” Akpabio said, noting that the approval would enable the National Assembly to receive the 2026 budget proposal between now and Thursday.

Akpabio added that the framework remains flexible and can be revised when the budget is formally presented. He expressed hope that the projections outlined would be realistic enough to support the effective implementation of the administration’s Renewed Hope Agenda.

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During the plenary, Senator Mohammed Monguno described the MTEF as providing clear and achievable fiscal parameters. He highlighted the projected daily crude oil production benchmark of 1.84 million barrels per day as feasible and called the revised oil price benchmark of $60 per barrel, down from $64, a prudent estimate in light of current market conditions.

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

On Thursday, the upper chamber formally received the 2026–2028 MTEF/FSP from President Tinubu, marking the official start of the 2026 budget cycle. In a letter accompanying the submission, the president said the documents comply with statutory requirements and outline the fiscal parameters that will guide the preparation of the 2026 Appropriation Bill.

Tinubu explained that the MTEF/FSP sets out macroeconomic assumptions, revenue projections, and spending priorities that will shape Nigeria’s fiscal strategy over the next three years.

The Deputy Senate President, Barau Jibrin (APC, Kano North), who read the president’s letter during plenary, urged lawmakers to expedite consideration of the framework to ensure timely passage of the national budget.