The Senate on Thursday received the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper from President Bola Tinubu, officially setting the stage for work on the 2026 federal budget.
In his letter to the upper chamber, Tinubu said the document meets statutory obligations and provides the fiscal foundations for drafting the 2026 Appropriation Bill. He noted that the MTEF/FSP spells out the economic assumptions, revenue outlook, and spending priorities that will guide the country’s fiscal policy over the next three years.
Deputy Senate President Barau Jibrin (APC, Kano North) read the President’s communication during plenary and encouraged lawmakers to give the submission prompt attention.
“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,” Tinubu wrote.
The Federal Executive Council had, last week, endorsed key fiscal indicators, including an oil benchmark of $64.85 per barrel and an exchange rate of ₦1,512 to the dollar for the 2026 fiscal year—figures expected to heavily influence both revenue estimates and spending projections.
After reading the letter, Jibrin referred the documents to the Senate Committee on Finance, led by Senator Sani Musa (APC, Niger East), with a mandate to report back by Wednesday, December 17.
The Senate later adjourned to allow committees to begin examining the fiscal framework and to continue screening ambassadorial nominees.
Tinubu’s message reached the Senate less than a day after he forwarded the same MTEF/FSP to the House of Representatives. Deputy Speaker Benjamin Kalu read the letter to House members, also calling for speedy legislative review.
The MTEF and FSP required by the Fiscal Responsibility Act serve as the government’s roadmap for economic management, detailing assumptions, revenue plans, projected deficits, and sectoral priorities for the next three years. Their approval is necessary before the executive can present the annual Appropriation Bill.
