President Tinubu on Wednesday sent the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives for review and approval.
Deputy Speaker Benjamin Kalu, who presided over the plenary session, read the President’s letter urging lawmakers to give the documents prompt attention.
Tinubu stated that the MTEF and FSP, approved by the Federal Executive Council on December 3, 2025, would serve as the foundation for the 2026 federal budget.
The documents set key fiscal parameters, including an oil benchmark price of $64.85 per barrel and a budget exchange rate of N1,512 per US dollar for 2026. They also outline revenue projections, spending priorities, and macroeconomic assumptions for the next three years.
Experts say the MTEF and FSP are vital for ensuring budget discipline, transparency, and predictability. They allow government ministries, departments, agencies, investors, and development partners to plan around projected fiscal realities.
Approval by the National Assembly is required before the executive can submit the annual Appropriation Bill.
