President Bola Ahmed Tinubu has forwarded the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the Senate for consideration and approval.
Deputy Senate President Jibrin Barau read the President’s request during Thursday’s plenary.
In the letter titled “Submission of the FGN 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper,” Tinubu said the documents had been approved by the Federal Executive Council (FEC) at its December 3, 2025 meeting.
He emphasised that the 2026 national budget will be prepared based on the fiscal assumptions and parameters contained in the approved MTEF/FSP and therefore urged lawmakers to expedite their review.
Among the key assumptions endorsed by FEC are a crude oil benchmark price of $64.85 per barrel and an exchange rate of N1,512 to $1 for the 2026 budget cycle.
Barau referred the submission to the Senate Committee on Finance, chaired by Senator Sani Musa, with a directive to present its report by December 17.
The Senate thereafter adjourned plenary to enable committees to continue examining the fiscal framework.
President Tinubu also transmitted the same documents to the House of Representatives, where Deputy Speaker Benjamin Kalu formally read them.
The MTEF/FSP serves as the foundation for the federal budget under the Fiscal Responsibility Act and must be approved by the National Assembly before the 2026 Appropriation Bill can be presented.
