The Senate has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, paving the way for President Bola Tinubu to submit the 2026 Appropriation Bill estimated at N54.4 trillion later this week.
Senate President Godswill Akpabio announced the passage on Tuesday after lawmakers debated and considered the report presented by the Chairman of the Senate Committee on Finance, Sani Musa.
Akpabio explained that the MTEF serves as a statutory requirement ahead of the budget presentation, stressing that the document does not constitute the legislature’s final position.
“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 Akwa Ibom governor stated.
According to Akpabio, the approval of the framework allows the National Assembly to receive the 2026 budget proposal between now and Thursday. He added that the document remains open to adjustments once the budget is formally presented to the Senate.
He expressed confidence that the assumptions and projections contained in the framework would be sufficiently realistic to support the successful delivery of the Renewed Hope Agenda.
Contributing to the debate, Senator Mohammed Monguno said the MTEF clearly defined key fiscal parameters, describing them as achievable and realistic.
Monguno pointed to the projected crude oil production benchmark of 1.84 million barrels per day as attainable, while noting that the reduction of the oil price benchmark from 64 dollars to 60 dollars per barrel was a cautious and sensible move in light of prevailing market conditions.
After deliberations, the Senate adopted the recommendations of the MTEF/FSP report through a voice vote.
On Thursday, the upper chamber formally received the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper from President Tinubu, marking the commencement of the 2026 budget process.
In a letter to lawmakers, Tinubu said the submission complied with statutory provisions and outlined the fiscal benchmarks that would guide the drafting of the 2026 Appropriation Bill.
The President noted that the MTEF/FSP details the macroeconomic assumptions, revenue estimates, and expenditure priorities that will define Nigeria’s fiscal path over the next three years.
The Deputy Senate President, Barau Jibrin (APC, Kano North), who read the letter during plenary, urged senators to fast-track consideration of the document.