The Senate on Thursday received the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper from President Bola Tinubu, signaling the official start of the 2026 federal budget process.
In his letter to the upper chamber, Tinubu noted that the submission meets legal requirements and provides the fiscal guidelines for drafting the 2026 Appropriation Bill.
He stated that the MTEF/FSP details the macroeconomic assumptions, revenue expectations, and spending priorities that will steer Nigeria’s fiscal policy over the next three years.
The letter was read during plenary by the Deputy Senate President, Senator Barau Jibrin (APC, Kano North), who called on senators to fast-track their review of the document.
“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.
Last week, the Federal Executive Council approved the fiscal projections, pegging the oil benchmark price at $64.85 per barrel and adopting a budget exchange rate of ₦1,512/$1 for 2026—figures expected to significantly shape revenue forecasts and expenditure planning.
After reading the President’s letter, Jibrin 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 Senate adjourned shortly after to allow committees to commence scrutiny of the fiscal framework and continue the ongoing screening of ambassadorial nominees.
Tinubu’s communication to the Senate came less than 24 hours after he transmitted the same MTEF/FSP documents to the leadership of the House of Representatives.
The letter was read on the House floor by Deputy Speaker Benjamin Kalu, who also urged timely legislative action as required by law.
The MTEF and FSP are statutory instruments mandated by the Fiscal Responsibility Act and serve as the blueprint for Nigeria’s annual budgets.
They outline the government’s fiscal stance, macroeconomic assumptions, revenue frameworks, projected deficits, and sectoral priorities over a three-year period.
Approval by the National Assembly is a prerequisite for the executive to present the Appropriation Bill for the next fiscal year.