Tinubu transmits 2026-2028 MTEF/FSP to senate for consideration

Nigerian President Asiwaju Bola Tinubu has forwarded to senate for approval, the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

Tinubu, in a letter sent to the Senate, 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 by the Deputy Senate President, Barau Jibrin during Thursday’s plenary.

According to the letter, “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.

It would be recalled that the 2026 to 2028 MTEF and FSP had been earlier approved during the Federal Executive Council meeting of December 3, 2025.

However, 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.

Source: Vanguard