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Senate approves 2026–2028 MTEF/FSP, setting stage for Tinubu’s 2026 budget.
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Oil price benchmark revised to $60/barrel; crude production set at 1.84 million bpd.
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Framework adoption allows timely submission, review, and implementation of Renewed Hope Agenda.
The Nigerian Senate on Tuesday passed the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), paving the way for President Bola Tinubu to present the 2026 Appropriation Bill, estimated at ₦54.4 trillion, later this week.
The passage followed plenary deliberations on a report presented by the Chairman of the Senate Committee on Finance, Senator Sani Musa. Senate President Godswill Akpabio described the framework as a statutory prerequisite for the national budget but stressed it does not constitute the final position of the legislature.
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“The Medium-Term Expenditure Framework is only a prerequisite before the presentation of the budget,” Akpabio said. “What we are discussing here is not a finality. If circumstances change, it will be brought back to us for review or adjustments.”
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The Senate President noted that the approval would enable the National Assembly to receive the 2026 budget proposal between now and Thursday. He added that the framework remains open to review once the full budget is formally laid before lawmakers.
Senator Mohammed Monguno described the fiscal parameters as achievable, citing the projected crude oil production benchmark of 1.84 million barrels per day. He also welcomed the reduction of the oil price benchmark from $64 to $60 per barrel, calling it a prudent adjustment given current global market conditions.
Following the debate, the Senate adopted the MTEF/FSP report through a voice vote.
Earlier, President Tinubu had transmitted the MTEF and FSP to the National Assembly, officially commencing the 2026 budget cycle. In a letter read on the Senate floor by Deputy Senate President Barau Jibrin, the President highlighted compliance with statutory requirements and outlined macroeconomic assumptions, revenue projections, and expenditure priorities that would guide the 2026 Appropriation Bill.
Jibrin urged lawmakers to expedite consideration to ensure a smooth and timely budget process.
