The Senate on Tuesday approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), paving the way for President Bola Ahmed Tinubu to present the 2026 Appropriation Bill, estimated at ₦54.4 trillion, later this week.
The approval followed the consideration and adoption of the report of the Joint Committee on Finance, National Planning, and Appropriations, which reviewed the Federal Government’s macroeconomic assumptions and fiscal projections for the three-year period.
With the passage of the MTEF and FSP, the National Assembly has fulfilled a key constitutional requirement that allows the executive arm to formally lay the 2026 budget before lawmakers.
The framework outlines the Federal Government’s revenue and expenditure projections, fiscal deficit estimates, debt strategy, and key economic assumptions, including oil price benchmarks, daily crude oil production levels, exchange rate projections, and inflation targets for the 2026–2028 fiscal period.
Lawmakers noted that the timely approval of the documents would ensure early presentation and consideration of the 2026 budget, in line with efforts to sustain a January–December budget cycle.
President Tinubu is now expected to present the 2026 Appropriation Bill to a joint session of the National Assembly later this week.
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