Senate reviews Tinubu’s 2026–2028 fiscal framework submission
President Bola Tinubu has formally sent the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the Senate for approval. The document, delivered on June 5, 2025, sets the fiscal parameters for Nigeria’s upcoming federal budgets. Lawmakers are expected to review the macroeconomic assumptions and spending priorities outlined in the framework. The Senate has referred the submission to its Finance Committee for further scrutiny.
What we know
- Bola Tinubu’s letter was presented to the Senate on June 5, 2025, launching the 2026 budget process.
- The MTEF/FSP was approved by the Federal Executive Council on December 3, 2025.
- Key projections include an oil benchmark price of $64.85 per barrel and an exchange rate of ₦1,512/$1 for 2026.
- The Senate Committee on Finance, chaired by Senator Sani Musa, must report back by December 17.
- Approval of the MTEF/FSP is required before the 2026 Appropriation Bill can be presented to the National Assembly.
