Senate approves MTEF, Tinubu to present ₦54.4trn budget soon
The Senate has approved the 2026–2028 Medium-Term Expenditure Framework, clearing the way for Bola Tinubu to present the 2026 budget, estimated at ₦54.4 trillion, later this week. The approval was announced during plenary on June 5, 2025, after a report by Senator Sani Musa was debated. Senate President Godswill Akpabio emphasized that the framework is a statutory prerequisite, not the final budget. Lawmakers highlighted that the document can be reviewed if economic circumstances change.
What we know
- The Senate passed the 2026–2028 MTEF and Fiscal Strategy Paper on June 5, 2025.
- Bola Tinubu is expected to present a ₦54.4 trillion budget proposal later this week.
- Godswill Akpabio clarified that the MTEF is a requirement before the budget can be formally presented.
- The framework includes a crude oil production benchmark of 1.84 million barrels per day and a reduced oil price benchmark of $60 per barrel.
- Lawmakers said the document remains open to review and adjustment once the full budget is submitted.
