The Nigerian Senate has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), paving the way for President Bola Tinubu to present the ₦54.4 trillion 2026 Appropriation Bill later this week.

The passage followed consideration of the report by Senate Committee on Finance Chairman Senator Sani Musa during plenary. Senate President Godswill Akpabio emphasized that the MTEF is a statutory prerequisite rather than the legislature’s final position, noting that projections remain open to review once the full budget is laid.

“This is only a prerequisite before budget presentation. If circumstances change, it will be brought back for review,” Akpabio said, expressing confidence that the framework would support effective implementation of the administration’s Renewed Hope Agenda.

Key Parameters Adopted

• Crude oil production benchmark: 1.84 million barrels per day.
• Oil price benchmark: $60 per barrel (reduced from $64 for prudence amid global volatility).

Senator Mohammed Monguno hailed the figures as “achievable,” citing improved dollar inflows and stronger reserves. Deputy Senate President Barau Jibrin urged swift consideration to ensure a smooth process, with Tinubu’s budget presentation expected between Tuesday and Thursday.

Fiscal Context

The ₦54.4 trillion estimate—yet to be formally detailed—signals ambitious spending amid fiscal reforms, debt servicing pressures, and intensified revenue drives. Analysts say the framework reflects cautious optimism, balancing oil market volatility with Nigeria’s need to expand infrastructure, social programs, and debt sustainability.

For Tinubu, the eventual budget implementation will be a test of his fiscal reform agenda as Nigeria navigates inflationary pressures, subsidy reforms, and global economic uncertainty.