Senate Passes 2026–2028 MTEF, Clears Way for ₦54.4trn Budget Proposal

The Senate has 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.

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

Announcing the passage, Senate President Godswill Akpabio described the MTEF as a statutory requirement that must be approved before the presentation of the national budget, stressing that it does not represent the legislature’s final position.

“The Medium-Term Expenditure Framework is only a prerequisite before the presentation of the budget. What we are discussing here is not a finality,” Senate President Godswill Akpabio said.

He explained that the framework allows the National Assembly to receive the 2026 budget proposal within the week, adding that the document remains subject to review once the full budget is formally laid before lawmakers.

Akpabio expressed confidence that the projections contained in the MTEF would be realistic enough to support the effective implementation of the Federal Government’s Renewed Hope Agenda.

During deliberations, Senator Mohammed Monguno described the fiscal assumptions 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 to $60 per barrel, from $64, was a prudent decision in view of global market realities.

Following the debate, the Senate adopted the recommendations of 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 kick-starting the 2026 budget cycle. In a letter read on the Senate floor by the Deputy Senate President, Barau Jibrin, the President said the submission complied with statutory requirements and outlined key macroeconomic assumptions, revenue projections and expenditure priorities.