The Nigerian Senate has approved the 2026-2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, clearing the path for President Bola Tinubu to present the 2026 Appropriation Bill, estimated at N54.4 trillion, this week.
Senate President Godswill Akpabio announced the passage, emphasizing that the MTEF is a prerequisite for the national budget and not a final position of the legislature.
The approved framework projects a daily crude oil production of 1.84 million barrels and reduces the oil price benchmark to $60 per barrel, citing global economic uncertainties.
The Senate also adopted recommendations for realistic fiscal parameters, aiming to support the Renewed Hope Agenda.
Akpabio expressed optimism that the projections would be realistic enough to drive economic growth, while Senator Mohammed Monguno described the fiscal parameters as achievable and reflective of current realities. The Senate expects to receive the 2026 budget proposal between now and Thursday.
