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The Senate has passed the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), clearing the way for President Bola Ahmed Tinubu to present the 2026 Appropriation Bill, estimated at ₦54.4 trillion, later this week.
Senate President Godswill Akpabio announced the passage on Tuesday after lawmakers considered and debated the report of the Senate Committee on Finance, chaired by Senator Sani Musa.
Akpabio described the MTEF as a constitutional prerequisite for the presentation of the national budget, stressing that it does not represent the final position of the legislature.
“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,” he said.
He explained that the approval of the framework would enable the National Assembly to receive the 2026 budget proposal between now and Thursday, adding that the document is not set in stone and can still be reviewed when the budget is formally presented.
The Senate President expressed optimism that the projections contained in the framework would be realistic enough to support the effective implementation of the Renewed Hope Agenda.
During the debate, Senator Mohammed Monguno noted that the MTEF clearly outlined key fiscal parameters, which he described as realistic.
He cited the projected crude oil production benchmark of 1.84 million barrels per day as achievable and said the reduction of the oil price benchmark from 64 dollars to 60 dollars per barrel was prudent given current global realities.
Following deliberations, the Senate adopted the recommendations in the MTEF/FSP report through a voice vote.
Last Thursday, the upper chamber received the 2026–2028 MTEF and Fiscal Strategy Paper from President Tinubu, formally signalling the commencement of the 2026 budget cycle.
In a letter addressed to the National Assembly, President Tinubu said the submission complied with statutory requirements and outlined the fiscal parameters that would guide the preparation of the 2026 Appropriation Bill.
According to the President, the MTEF/FSP sets out the macroeconomic assumptions, revenue projections and expenditure priorities that will shape Nigeria’s fiscal direction 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 lawmakers to expedite consideration of the document to ensure timely presentation and passage of the 2026 budget.
