Senate Passes MTEF/FSP, Says 2026 Budget To Be Presented This Week

The Senate has passed the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, indicating President Bola Tinubu is expected to present the 2026 Appropriation bill of N54.4 trillion this week.

Senate President Godswill Akpabio, announced the passage on Tuesday following the consideration and debate on the report presented by the Chairman of the Senate Committee on Finance, Sani Musa.

Akpabio described the MTEF as a prerequisite for the presentation of the national budget, underpinning that the document does not represent a 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,” the former governor of Akwa Ibom said.

READ ALSO: Senate Urges Emergency Support For Farmers Amid Collapse Of Produce Prices

Senator Akpabio explained that the passage of the MTEF would enable the National Assembly to receive the 2026 budget proposal between now and Thursday.

According to him, the framework is not cast in stone, as reviews can still be made when the budget is formally laid before the Senate.

He expressed hope that the projections contained in the framework would be realistic enough to support the effective implementation of the Renewed Hope Agenda.

During a brief debate, Senator Mohammed Monguno noted that the MTEF clearly outlined key fiscal parameters, describing them as realistic.

Monguno cited the projected daily crude oil production benchmark of 1.84 million barrels per day as achievable, and the reduction of the oil price benchmark projection to 60 dollars from 64 dollars per barrel as circumspect, given current realities.

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

On Thursday, the upper chamber received the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper from President Tinubu, signalling the launch of the 2026 budget cycle.

In a letter addressed to the lawmakers, Tinubu said the submission complies with statutory requirements and sets out the fiscal parameters that will guide the preparation of the 2026 Appropriation Bill.

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

The Deputy President of the Senate, Barau Jibrin (APC, Kano North), who read Tinubu’s letter during plenary, urged the lawmakers to expedite consideration of the document.