President Bola Tinubu has transmitted the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper to the Senate for its consideration and subsequent approval.

This submission is a crucial step that precedes the presentation of the annual budget, as it is designed to establish the fiscal parameters that will govern the nation’s finances for the next three years.

The letter communicating this important executive action was formally read during the Senate’s plenary session on Thursday, December 11, 2025. The reading was carried out by the Deputy President of the Senate, Senator Barau Jibrin (APC, Kano North), who subsequently appealed to his fellow lawmakers to ensure the document receives an expedited review.

The President’s correspondence included a direct expression of his intent regarding the submission. The letter stated: “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 Senate.”

The letter further elaborated on the foundational role of the document in the preparation of the next budget. It specified: “The 2026 to 2028 MTEF and FSP was approved during the Federal Executive Council meeting of December 3, 2025, and the 2026 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions therein.”

The Federal Executive Council had given its approval to the MTEF/FSP during its meeting held the previous week. Key parameters approved by the FEC include pegging the oil price benchmark at $64.85 per barrel and setting the budget exchange rate at ₦1,512/$1 for the 2026 fiscal year.

Immediately after the communication was read, Senator Jibrin took action by referring the entire document to the relevant legislative body. The document was forwarded to the Senate Committee on Finance, which is currently chaired by Senator Sani Musa (APC, Niger East), with a specific directive for the committee to report back their findings and recommendations by Wednesday, December 17.

Following this referral of the MTEF/FSP, the Senate body concluded the day’s sitting by adjourning its plenary session. This adjournment was carried out to allow the relevant Senate committees adequate time to concentrate solely on the legislative review of the MTEF/FSP, in addition to carrying out the screening process for ambassadorial nominees.