President Bola Tinubu has formally transmitted the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate, setting the stage for the development of the 2026 national budget.
In a letter read on Thursday by Deputy Senate President Barau Jibrin, Tinubu said the submission complies with the Fiscal Responsibility Act and outlines the macroeconomic direction of the country for the next three years.
The MTEF/FSP, approved by the Federal Executive Council on December 3, sets critical benchmarks—including a $64.85 per barrel oil price and an exchange rate of ₦1,512/$1—figures expected to shape revenue forecasts and spending priorities in 2026.
Jibrin immediately referred the documents to the Senate Committee on Finance, chaired by Senator Sani Musa, with a mandate to report back by December 17.
The Senate adjourned shortly after to give committees space to scrutinise the fiscal projections and continue the screening of ambassadorial nominees.
Tinubu sent an identical communication to the House of Representatives on Wednesday, urging expedited consideration.
The MTEF and FSP serve as the statutory blueprint for annual budgets, defining fiscal assumptions, revenue strategies and expenditure ceilings for ministries and agencies.
