Green Light For 2026 Budget: Senate Passes MTEF As Tinubu Set To Storm NASS This Week

The Nigerian Senate has approved the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), outlining projected spending for the 2026 fiscal year.

The approval was granted on Tuesday after lawmakers considered a report presented by the Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa (APC, Niger East). The MTEF/FSP serves as the legal foundation for the 2026 Appropriation Bill.

With its passage, the Senate has paved the way for President Bola Tinubu to formally present the 2026 budget to the National Assembly, an event Senate President Godswill Akpabio said is expected between now and Thursday.

Under the approved framework, the Senate endorsed an oil benchmark price of $64.85 per barrel, projected aggregate revenue of ₦34.33 trillion, a fiscal deficit of ₦20.13 trillion, planned borrowing of ₦17.88 trillion, and debt servicing estimated at ₦15.52 trillion. Provisions of ₦1.376 trillion were also approved for pensions, gratuities, and retirees’ benefits.

Akpabio emphasized that the MTEF/FSP is a procedural requirement rather than a final fiscal position, noting that adjustments could still be made if economic conditions change.

“The Medium-Term Expenditure Framework is only a prerequisite for the presentation of the budget. What we are discussing here is not final. If circumstances change, it will be brought back for review and adjustment,” he said.