The Senate on Thursday received the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper from President Bola Tinubu, setting in motion the legislative review of the 3-year fiscal framework.
The President’s letter was read during plenary by the Senate deputy president, Barau Jibrin (APC, Kano North), who urged lawmakers to expedite consideration of the document.
Tinubu stated that the submission complies with statutory requirements and sets out the fiscal parameters that will guide the preparation of the 2026 Appropriation Bill.
He noted 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.
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“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,” the President stated.
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Pinnacle Daily reported that the Federal Executive Council (FEC) had last week approved the fiscal projections.
The council adopted an oil production target of 2.06 million barrels per day (mbpd) for 2026, noting that a lower 1.8 mbpd would be used for budgeting.
It also approved an oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar.
At the plenary on Thursday, the deputy senate president referred the document to the Senate Committee on Finance, chaired by Senator Sani Musa (APC, Niger East), with a directive to submit its report by Wednesday, December 17.
The Chamber also adjourned shortly after to allow committees to commence scrutiny of the fiscal framework and continue the ongoing screening of ambassadorial nominees.
Tinubu had transmitted the same MTEF/FSP documents to the leadership of the House of Representatives the previous day.
The Deputy Speaker, Benjamin Kalu, read the letter at the Green Chamber, urging timely legislative action as required by law.
The MTEF/FSP is a statutory instrument mandated by the Fiscal Responsibility Act and serves as the blueprint for Nigeria’s annual budgets.
The documents outline the government’s fiscal stance, macroeconomic assumptions, revenue frameworks, projected deficits, and sectoral priorities over three years.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
