The Senate on Tuesday passed the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), paving the way for President Bola Tinubu to present the 2026 Appropriation Bill estimated at ₦54.4 trillion.

The passage followed the consideration and debate of a report presented during plenary by the Chairman of the Senate Committee on Finance, Sen. Sani Musa.

Announcing the approval, the President of the Senate, Sen. Godswill Akpabio, said the MTEF was a statutory requirement that must precede the presentation of the annual budget, stressing that it did not represent the final position of the National Assembly.

“The Medium-Term Expenditure Framework is only a prerequisite before the presentation of the budget.

“What we are discussing here is not a finality. If circumstances change, it will be brought back to us to rejig, react or act,” Akpabio said.

He explained that the passage of the framework would enable the National Assembly to receive the 2026 budget proposal between now and Thursday, adding that the document remained open to review once the full budget was formally laid before lawmakers.

Akpabio expressed optimism that the projections contained in the MTEF would be realistic enough to support the effective implementation of the Federal Government’s Renewed Hope Agenda.

During deliberations, Sen. Mohammed Monguno described the fiscal parameters contained in the framework as achievable, citing the projected crude oil production benchmark of 1.84 million barrels per day.

He also said the reduction of the oil price benchmark to 60 dollars per barrel, from 64 dollars, was prudent in view of prevailing global market conditions.

Following the debate, the Senate adopted the recommendations contained in the MTEF/FSP report through a voice vote.

Earlier, President Tinubu had transmitted the 2026–2028 MTEF and Fiscal Strategy Paper to the National Assembly, marking the official commencement of the 2026 budget cycle.

In a letter read on the floor of the Senate by the Deputy President of the Senate, Sen. Barau Jibrin (APC-Kano North), the President said the submission complied with statutory requirements.

He said the document outlined the macroeconomic assumptions, revenue projections and expenditure priorities that would guide the preparation of the 2026 Appropriation Bill.

Jibrin urged lawmakers to expedite consideration of the document to ensure a smooth and timely budget process.