Senate Receives Tinubu’s 2026–2028 MTEF/FSP For Consideration

The Senate has received the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) from President Bola Tinubu on Thursday, signalling the formal commencement of proposed 2026 budget preparations.

In a letter addressed to the upper chamber, the President explained that the submission complied with statutory requirements and forms the fiscal foundation upon which the next federal budget will be prepared.

Tinubu noted that the MTEF/FSP outlines key macroeconomic assumptions and spending priorities that will shape Nigeria’s economic direction over the next three years.

The correspondence was read during plenary by the Deputy President of the Senate, Senator Barau Jibrin (APC, Kano North), who urged lawmakers to act swiftly on the documents.

“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 that will significantly influence revenue expectations and expenditure planning.

Following the reading of the letter, Senator Jibrin referred the document to the Senate Committee on Finance, chaired by Senator Sani Musa (APC, Niger East), with a mandate to submit its report by Wednesday, December 17.

The Senate thereafter adjourned shortly to give relevant committees room to scrutinise the document and continue the ongoing screening of ambassadorial nominees.

Tinubu’s communication to the Senate came barely 24 hours after he forwarded the same 2026–2028 MTEF/FSP to the leadership of the House of Representatives.

The MTEF and Fiscal Strategy Paper are statutory instruments mandated by the Fiscal Responsibility Act, serving as the blueprint for Nigeria’s annual budgets.