2026 Budget: Tinubu Transmit MTEF/ FSP To HoR
•By Admin
ABUJA – PRESIDENT Bola Tinubu has officially forwarded the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives, requesting lawmakers’ approval as a precursor to the 2026 budget.
The MTEF and FSP are crucial components of Nigeria’s budgeting system. While the MTEF lays out a three-year plan for government spending, aligning anticipated revenues with projected expenditures across sectors, the Fiscal Strategy Paper details the administration’s fiscal priorities and policy approach, including measures to enhance revenue, manage public debt, and sustain macroeconomic stability. Together, these documents provide a roadmap for consistent, transparent, and development-oriented budget planning.
The 2026–2028 MTEF and FSP received approval from the Federal Executive Council (FEC) on December 3, 2025. The framework establishes the economic assumptions for the 2026 budget, including an oil price benchmark of $64.85 per barrel and a budget exchange rate of N1,512 to $1, key indicators given the reliance on oil revenue for federal finances.
Deputy Speaker Benjamin Kalu, who presided over Wednesday’s plenary, read the President’s letter submitting the framework. In the correspondence, President Tinubu urged the House to give the documents prompt attention.
“It is with pleasure that I submit the 2026 to 2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF and FSP) for the consideration and approval of the House of Representatives,” the letter stated.
Following the submission, the House is expected to examine the framework, evaluate its underlying assumptions, and approve it ahead of the finalization of the 2026 budget. This step ensures that legislators exercise oversight and that the nation’s fiscal planning aligns with strategic priorities.
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