President Bola Tinubu submitted the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate on Thursday, an action that initiates the process for the 2026 federal budget cycle.
In the accompanying letter, read to the chamber by Deputy Senate President, Sen. Barau Jibrin, Tinubu noted that the submission fulfills statutory requirements.
The documents are intended to provide the necessary fiscal parameters to guide the preparation of the 2026 Appropriation Bill.
The President detailed that the MTEF/FSP outlines the macroeconomic assumptions, revenue projections, and spending priorities that will define Nigeria’s fiscal direction for the upcoming three years. Following the reading, Sen. Jibrin encouraged his colleagues to give the framework expedited consideration.
“It is with pleasure that I forward the 2026 to 2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper for the kind consideration and approval of the Senate.
“The 2026 to 2028 MTEF and FSP were approved during the Federal Executive Council meeting of December 3, 2025, and the 2026 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions therein,” the President stated.
Last week, the Federal Executive Council(FEC) approved the fiscal projections, pegging the oil benchmark price at $64.85 per barrel and adopting a budget exchange rate of N1,512/$1 for 2026—figures expected to significantly shape revenue forecasts and expenditure planning.
After reading the President’s letter, Sen. Jibrin referred the document to the Senate Committee on Finance, chaired by Senator Sani Musa (APC, Niger East), with a directive to submit its report by Wednesday, December 17.
The Senate adjourned shortly after to allow the committees to commence scrutiny of the fiscal framework and continue the ongoing screening of ambassadorial nominees.
Persecondnews reports that Tinubu’s communication to the Senate came less than 24 hours after he transmitted the same MTEF/FSP documents to the leadership of the House of Representatives.
The letter was read on the House floor by Deputy Speaker Benjamin Kalu, who also urged timely legislative action as required by law.
The MTEF and FSP are statutory instruments mandated by the Fiscal Responsibility Act and serve as the blueprint for Nigeria’s annual budgets.
They outline the government’s fiscal stance, macroeconomic assumptions, revenue frameworks, projected deficits, and sectoral priorities over a three-year period.
Persecondnews reports that approval by the National Assembly is a prerequisite for the Executive to present the Appropriation Bill for the next fiscal year.
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