The Senate has 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 N54.4 trillion, later this week.

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

While announcing the approval, Senate President Godswill Akpabio described the MTEF as a statutory requirement that must precede the presentation of the national budget, stressing that it does not represent the final position of the legislature.

He said, “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 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 remains open to review once the full budget is formally laid before lawmakers.

The Senate President 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, Senator Mohammed Monguno described the fiscal parameters in the framework as achievable, citing the projected crude oil production benchmark of 1.84 million barrels per day.

He also noted that the reduction of the oil price benchmark to $60 per barrel, from $64, was prudent given prevailing global market conditions.

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

Earlier, 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 Senate floor by the Deputy President of the Senate, Barau Jibrin (APC, Kano North), the President said the submission complied with statutory requirements and 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.