President Bola Ahmed Tinubu has formally transmitted the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly, initiating the next step in Nigeria’s budget process ahead of the 2026 fiscal year. The transmission to both the Senate and the House of Representatives marks a critical milestone in setting fiscal policy and budgetary priorities for the next three years.
The framework and strategy paper, recently approved by the Federal Executive Council (FEC), outlines revenue projections, macroeconomic assumptions and spending ceilings that will guide the preparation of the 2026 budget. Among the parameters adopted by the council were an oil price benchmark and exchange rate assumption that will form the foundation of fiscal planning.
In the Senate, the letter transmitting the documents was read during plenary by the Deputy Senate President, and referred to the Senate Committee on Finance for expedited consideration. Similarly, in the House of Representatives the framework was tabled by the Deputy Speaker, with lawmakers urged to give prompt attention to its approval. Lawmakers will now scrutinise the fiscal strategy as part of the constitutional process required before the annual budget is presented and passed.
The MTEF/FSP process is a statutory requirement under the Fiscal Responsibility Act, intended to promote fiscal discipline and provide clarity on government spending, revenue expectations, and development priorities over a multi-year horizon. Its approval is expected to offer a clearer roadmap for national economic management in the context of evolving domestic and global economic challenges.
