Abuja, Dec. 12, 2025 – President Bola Tinubu has sent the 2026/2028 Medium Term Expenditure and Fiscal Strategy Paper (MTEF/FSP) to the National Assembly for approval.
The MTEF is a three-year plan of the federal government on revenue expectations and spending plan prepared ahead of the annual budgets.
Jibrin Barau, the Deputy President of the Senate, announced this while reading the letter from the presidency at the plenary on Thursday.
The letter, with the tittle “Submission of the FGN 2026 to 2028 Medium Term Expenditure Framework and Fiscal Strategy Paper,” reads: “It is with pleasure that I forward the 2026-2028 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF and FSP) for the kind consideration and approval of the Distinguished Senate.
“The 2026-2028 MTEF and FSP was approved during the Federal Executive Council (FEC) meeting of December 3, 2025.
“As the 2026 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2026-2028 MTEF and FSP, I seek the cooperation of the National Assembly for expeditious legislative action on the submission.”
The letter indicated that the Federal Executive Council (FEC) approved the framework on 3 December.
The plan is predicated on $64 per barrel oil price benchmark and Naira exchange rate of N1,512 to the dollar, while daily oil production is projected at 2.6 million barrels per day.
