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By Tracy Moses
President Bola Tinubu has formally submitted the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives, seeking lawmakers’ approval ahead of the 2026 budget.
The MTEF and FSP are key instruments in Nigeria’s budgetary process. The MTEF provides a three-year rolling plan for government expenditures, aligning projected revenues with planned spending across sectors. The Fiscal Strategy Paper outlines the government’s fiscal priorities and policy direction, including strategies to optimize revenue, manage debt, and maintain macroeconomic stability. Together, they guide annual budget preparation, ensuring fiscal planning is consistent, transparent, and aligned with national development goals.
The 2026–2028 MTEF and FSP was approved by the Federal Executive Council (FEC) on December 3, 2025. The framework sets the policy and macroeconomic assumptions for the 2026 budget, including an oil benchmark price of $64.85 per barrel and a budget exchange rate of N1,512 to $1, figures central to revenue projections, as oil remains a major source of federal income.
The submission was conveyed in a letter read during Wednesday’s plenary by Deputy Speaker Benjamin Kalu, who presided over the session. In the letter, President Tinubu urged the House to give the framework prompt consideration.
“It is with pleasure that I present 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 of Representatives is expected to review the framework, scrutinize the assumptions, and approve it before the 2026 federal budget is finalized. This process allows lawmakers to exercise oversight and ensure that the country’s fiscal planning aligns with national priorities.