Tinubu forwards 2026–2028 MTEF/FSP to senate

By Henry Umoru

ABUJA — President Bola Tinubu has transmitted the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for consideration and approval.

In his letter, the President noted that the submission aligns with the legislative procedure that precedes the presentation of the annual budget, as it sets the fiscal parameters for the next three years.

The letter was read during Thursday’s plenary by the Deputy President of the Senate, Senator Barau Jibrin (APC, Kano North), who urged lawmakers to give the document expedited consideration.

“It is with pleasure that I forward the 2026 to 2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper for the kind consideration and approval of the Senate.

The 2026 to 2028 MTEF and FSP was approved during the Federal Executive Council meeting of December 3, 2025, and the 2026 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions therein,” the letter stated.

Last week, the Federal Executive Council approved the MTEF/FSP, pegging the oil price benchmark at $64.85 per barrel and the budget exchange rate at ₦1,512/$1 for 2026.

Senator Jibrin immediately referred the communication to the Senate Committee on Finance, chaired by Senator Sani Musa (APC, Niger East), with a directive to report back on Wednesday, December 17.

Following the referral, the Senate adjourned plenary to enable relevant committees to focus on the MTEF/FSP and the screening of ambassadorial nominees.

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