The Nigerian Senate has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), clearing the path for President Bola Ahmed Tinubu to present the 2026 Appropriation Bill, estimated at ₦54.4 trillion, later this week.

The approval followed the consideration and debate of a report submitted by the Chairman of the Senate Committee on Finance, Senator Sani Musa, during plenary on Tuesday.

Announcing the passage, Senate President Godswill Akpabio described the MTEF as a mandatory statutory requirement that must be approved before the presentation of the national budget. He stressed that the framework does not represent the final position of the National Assembly.

“The Medium-Term Expenditure Framework is only a prerequisite before the presentation of the budget,” Akpabio said.
“What we are discussing here is not final. If circumstances change, it will be brought back to us to rejig, react or act.”

According to him, the passage of the MTEF will enable the National Assembly to receive the 2026 budget proposal between now and Thursday, noting that the document remains open to further review once the full budget is formally presented.

Akpabio expressed confidence that the projections contained in the framework are realistic and capable of supporting the effective implementation of the Federal Government’s Renewed Hope Agenda.

During the debate, Senator Mohammed Monguno described the fiscal assumptions in the framework as achievable, citing the projected crude oil production benchmark of 1.84 million barrels per day. He also noted that the reduction of the oil price benchmark from $64 to $60 per barrel was a prudent move, considering current global market realities.

Following deliberations, the Senate adopted the recommendations contained in the MTEF/FSP report through a voice vote.

Earlier, President Tinubu had transmitted the 2026–2028 MTEF and Fiscal Strategy Paper to the National Assembly, officially signaling the start of the 2026 budget cycle.

In a letter read on the Senate floor by the Deputy President of the Senate, Barau Jibrin (APC, Kano North), the President explained that the submission complied with statutory requirements. He added that the document outlines key macroeconomic assumptions, revenue projections, and expenditure priorities that will guide the preparation of the 2026 Appropriation Bill.

Jibrin urged lawmakers to expedite the consideration of the framework to ensure a smooth and timely budget process.