Tinubu transmists 2026–2028 MTEF, FSP to NASS, seeks approval 

President Bola Tinubu has transmitted the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives for consideration and approval.

Benjamin Kalu, Deputy Speaker of the House read the President’s letter during plenary session on Wednesday.

The policy documents had been endorsed by the Federal Executive Council (FEC) at its meeting of 3 December 2025 and would form the basis for preparing the 2026 federal budget.

Read also: 2026 budget: FG targets 2.06m bpd, $64 crude oil, N1,512/$1 exchange rate

In the communication, Tinubu said the framework will guide the preparation of the 2026 national budget.

“It is with pleasure that I forward the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF and FSP) for the kind consideration and approval of the House of Representatives,” the President wrote.

“The 2026 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2026–2028 MTEF and FSP,” he added.

Tinubu, urged the cooperation of the National Assembly for expeditious legislative action on the submission.

The framework outlines Nigeria’s economic assumptions, revenue outlook and spending priorities for the next three years.

The Federal Executive Council adopted an oil production benchmark of 2.06 million barrels per day (bpd) for 2026, although fiscal planning will be based on a more conservative 1.8 million bpd. The oil price benchmark was set at $64 per barrel, with an exchange rate assumption of ₦1,512/$.

The exchange rate outlook reflects the fact that 2026 precedes a general election year, and assumptions followed macroeconomic and fiscal modelling by the budget office and partner agencies. Inflation is projected to average 18 percent in 2026.

Based on the benchmarks, federation revenue for 2026 is estimated at ₦50.74 trillion. Of this, the federal government is projected to receive ₦22.6 trillion, ₦16.3 trillion for states and ₦11.85 trillion for local governments.

Total federal government revenue for 2026 is projected at ₦34.33 trillion, a decline of ₦6.55 trillion or 16 percent from the 2025 budget estimate.

Statutory transfers are expected to total roughly ₦3 trillion, while debt servicing is projected at ₦10.91 trillion. Non-debt recurrent expenditure including personnel costs and overheads is pegged at ₦15.27 trillion.

The fiscal deficit for 2026 is projected at ₦20.1 trillion, equivalent to 3.61 percent of gross domestic product (GDP).

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