President Bola Ahmed Tinubu has formally transmitted the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper to the House of Representatives for consideration and approval. The documents, which will guide Nigeria’s fiscal direction over the next three years, were submitted through a letter read during plenary on Wednesday by the Deputy Speaker, Benjamin Kalu, who presided over the session.
In the letter, President Tinubu urged lawmakers to give the MTEF and FSP urgent and careful attention. He noted that the documents are essential for the preparation of the 2026 national budget, as they contain the parameters and economic assumptions that will drive the Federal Government’s spending and revenue plans.
“It is with pleasure that I forward the 2026 to 2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper for the kind consideration and approval of the House of Representatives,” the President wrote. He added that the Federal Executive Council had already approved the projections during its meeting held on 3 December 2025.
Last week, the Federal Executive Council announced key fiscal assumptions for 2026, including an oil price benchmark of $64.85 per barrel and a budget exchange rate of N1,512 to the dollar. These figures form part of the broader economic projections adopted to guide government planning, revenue forecasts, and expenditure decisions for the coming year.
The Medium Term Expenditure Framework and Fiscal Strategy Paper are compulsory documents under the Fiscal Responsibility Act. By law, the Federal Government must prepare these documents annually to support the budget process. They outline Nigeria’s economic outlook, revenue targets, spending priorities, debt strategy, and macroeconomic forecasts over a three-year period.
The MTEF/FSP serves as the foundation for the national budget. It provides key fiscal indicators such as the oil production target, benchmark crude oil price, exchange rate assumptions, non-oil revenue expectations, and projected government spending. With these parameters, the government sets realistic financial goals and prevents overestimation of revenue.
Budget experts and analysts often describe the MTEF/FSP as the backbone of the budgeting system because it helps to maintain discipline in government spending. By using credible forecasts and clear fiscal rules, the documents guide Ministries, Departments, and Agencies in planning their programmes in line with government priorities.
Another important function of the MTEF/FSP is improving transparency and predictability in public finance. It gives investors, development partners, and the private sector a clear view of government plans, helping them make long-term decisions. Agencies also rely on the framework to prepare their internal budgets in line with national goals.
In addition, the documents support legislative oversight. Before the Federal Government can present the annual Appropriation Bill, the National Assembly must first review and approve the MTEF/FSP. This process ensures that lawmakers play their role in shaping the country’s economic direction and holding the executive accountable for its fiscal commitments.
As the House of Representatives begins work on the newly submitted documents, attention will again focus on Nigeria’s economic priorities, revenue mobilisation plans, oil production performance, and steps the government will take to manage the budget deficit. The approval of the MTEF/FSP will pave the way for the submission of the 2026 Appropriation Bill to the National Assembly.
