Nigeria’s Upper Legislative Chamber, the Senate, on Tuesday approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The approval of the fiscal proposal by the Executive arm of government followed the adoption of the recommendations contained in the MTEF/FSP report submitted by the Chairman of the Senate Committee on Finance, Sen. Sani Musa, through a voice vote.
With the legislative endorsement, President Bola Tinubu may formally lay the 2026 Appropriation Bill, estimated at N54.4 trillion, before the joint session of the National Assembly later this week.
The Senate President, Godswill Akpabio described the passage of the MTEF as a procedural requirement ahead of the presentation of the Appropriation Bill, stressing that the document does not represent the final position of the legislature on fiscal matters.
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The lawmaker clarified: “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 for adjustment.”
Akpabio explained that the approval of the framework would allow the National Assembly to receive the 2026 budget proposal within the week, adding that the projections in the MTEF remain flexible and subject to review once the budget estimates are laid before the Senate.
He expressed optimism that the fiscal assumptions and projections outlined in the framework would be adequate to support the successful implementation of the Federal Government’s Renewed Hope Agenda.
In his contribution to the debate, Sen. Mohammed Monguno explained the MTEF clearly defined key fiscal benchmarks, describing them as achievable and reflective of current economic realities, citing the projected daily crude oil production target of 1.84 million barrels per day to justify his position on the fiscal proposals.
It would be recalled that President Tinubu had last Thursday transmitted the 2026–2028 MTEF/FSP to the Senate, marking the start of the 2026 budget cycle.
In his covering letter to the National Assembly, the President stated the submission complied with statutory requirements and outlined the fiscal parameters that would guide the preparation of the 2026 Appropriation Bill.
According to him, the framework sets out the macroeconomic assumptions, revenue projections and expenditure priorities that will shape Nigeria’s fiscal direction over the next three years.
The letter was read during plenary by the Deputy President of the Senate, Sen. Barau Jibrin, who urged the lawmakers to expedite action on the fiscal document to ensure timely passage of the 2026 budget.
