President Bola Tinubu has asked the Senate to approve the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), projecting that the federal government will generate N34.33 trillion in revenue in 2026.
The president’s request was contained in a letter read by the Deputy Senate President, Barau Jibrin, who presided over the plenary on Thursday.
The MTEF outlines the federal government’s three-year spending plan and revenue expectations and serves as the foundation on which the national budget is prepared.
Although the letter did not provide full details of the plan, it noted that the Federal Executive Council (FEC) had approved the framework on 3 December. The approved proposal sets a revenue projection of N34.33 trillion for 2026.
The framework also proposes an oil benchmark price of $64 per barrel and an exchange rate of N1,512 to the dollar. Daily oil production is projected at 2.6 million barrels per day, although a lower figure of 1.8 million barrels per day will be adopted for budgeting purposes.
In the letter, Mr Tinubu urged lawmakers to approve the document in line with constitutional requirements.
“Submission of the FGN 2026 to 2028 Medium Term Expenditure Framework and Fiscal Strategy Paper. It is with pleasure that I forward the 2026-2028 Medium Term Expenditure Framework and Fiscal Strategy Paper MTEF and FSP for the kind consideration and approval of the Distinguished Senate.
“The 2026-2028 MTEF and FSP was approved during the Federal Executive Council meeting of December 3rd, 2025. As the 2026 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2026-2028 MTEF and FSP, I seek the cooperation of the National Assembly for expeditious legislative action on the submission,” Mr Tinubu said in the letter.
After reading the letter, the deputy senate president referred the request to the Senate Committee on Finance for further legislative action.
The committee is expected to review the document and make recommendations, either to reduce, increase or retain the proposed figures.
There are indications that the framework may be approved before the end of the year to ensure the presentation of the 2026 budget.
Credit: Premium Times