Senate approves medium-term fiscal framework, paving way for 2026 budget presentation
The Senate on Tuesday approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), effectively clearing the way for President Bola Tinubu to present the 2026 Appropriation Bill to the National Assembly within the week.
The approval followed the consideration of a report submitted by the Senate Committee on Finance, chaired by Senator Sani Musa, after deliberations on the country’s fiscal outlook and macroeconomic assumptions for the next three years.
Announcing the passage, Senate President Godswill Akpabio explained that the MTEF serves as a statutory foundation for the annual budget process.
He stressed that its adoption does not amount to final approval of spending plans for 2026.
He noted that the framework merely provided guiding parameters and remains subject to adjustment once the detailed budget estimates are presented.
According to Akpabio, the passage of the document enables the executive arm to lay the 2026 budget proposal estimated at N54.4 trillion before the National Assembly between now and Thursday.
He added that lawmakers retain the authority to review and amend the projections should prevailing economic conditions change.
“The MTEF is not cast in stone,” the Senate President said, emphasising that the legislature would revisit the assumptions and figures during full budget consideration to ensure they align with national realities and development priorities.
He expressed optimism that the fiscal projections contained in the framework would support the effective delivery of the Federal Government’s Renewed Hope Agenda, particularly in areas of economic stability, growth, and social investment.
During the debate, Senator Mohammed Monguno described the fiscal parameters outlined in the framework as largely realistic.
He pointed to the proposed crude oil production benchmark of 1.84 million barrels per day as attainable, while also commending the decision to revise the oil price benchmark downward to $60 per barrel from the previous $64, citing volatility in the global oil market.
Following contributions from lawmakers, the Senate adopted the committee’s recommendations through a voice vote, thereby formally endorsing the MTEF/FSP for the 2026–2028 period.
President Tinubu had earlier transmitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper to the National Assembly, in line with constitutional and statutory requirements.
In his letter to the lawmakers, the President explained that the document outlined the macroeconomic assumptions, revenue forecasts, expenditure ceilings, and key policy priorities that will guide the preparation of the 2026 budget.
The Deputy Senate President, Senator Barau Jibrin, who read the President’s letter during plenary, urged senators to treat the document with urgency in order to keep the budget calendar on track.
With the passage of the MTEF/FSP, attention now shifts to the presentation of the 2026 Appropriation Bill, marking the formal commencement of the budget cycle and setting the stage for detailed scrutiny of government spending plans for the coming fiscal year.
