The Nigerian Senate has given its crucial approval to the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the years 2026 to 2028. This procedural green light now allows President Bola Tinubu to formally present the proposed 2026 Appropriation Bill, which is projected to be a massive ₦54.4 trillion, to the National Assembly later this week.
Senate Gives Nod After Plenary Deliberations
The approval was granted during a plenary session held on Tuesday, December 16, 2025. The process was led by the presentation of a detailed report from the Chairman of the Senate Committee on Finance, Senator Sani Musa. Following deliberations, the Senate adopted the recommendations contained in the MTEF/FSP document through a voice vote.
Senate President Godswill Akpabio clarified the nature of the approval, emphasising that the MTEF is a statutory prerequisite and not the final budget law. "The Medium-Term Expenditure Framework is only a prerequisite before the presentation of the budget. What we are discussing here is not a finality," Akpabio stated. He added that the framework remains open to review once the full budget proposal is formally laid before the lawmakers.
Key Fiscal Parameters and Projections
The MTEF document, which was transmitted earlier by President Tinubu, outlines the macroeconomic assumptions that will guide the 2026 budget. A significant highlight from the deliberations was the projected crude oil production benchmark of 1.84 million barrels per day.
During the session, Senator Mohammed Monguno described the fiscal targets as achievable. He notably pointed out a prudent adjustment in the framework: the oil price benchmark has been reduced from $64 to $60 per barrel. This revision reflects a cautious approach in response to prevailing global market conditions.
Setting the Stage for the Budget Cycle
The Deputy Senate President, Barau Jibrin, who read the President's letter on the Senate floor, urged his colleagues to expedite the process to ensure an orderly and timely budget cycle. He stressed that the submission complies with statutory requirements and forms the essential foundation for the 2026 national budget.
The passage of the MTEF marks a critical procedural milestone in Nigeria's annual budget process. It formally paves the way for the executive arm to present its detailed spending plan, estimated at ₦54.4 trillion, for the 2026 fiscal year. The National Assembly is now poised to receive the full Appropriation Bill between Wednesday and Thursday, initiating the next phase of legislative scrutiny and debate.
