President Bola Tinubu has forwarded the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper to the House of Representatives for consideration and approval.
In a letter read by Deputy Speaker, Benjamin Kalu, during plenary, the president urged lawmakers to give the documents prompt attention.
The letter read: “It is with pleasure that I forward the 2026 to 2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper, MTEF and FSP, for the kind consideration and approval of the House of Representatives.
“The 2026 to 2028 MTEF and FSP were approved during the Federal Executive Council 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 to 2028 MTEF and FSP.”
Last week, the Federal Executive Council (FEC) approved the 2026–2028 fiscal projections, setting an oil price benchmark of $64.85 per barrel and a budget exchange rate of N1,512/$1 for 2026.
MTEF and Fiscal Strategy Paper (FSP) are foundational policy documents required by the Fiscal Responsibility Act to guide Nigeria’s annual budget preparation. The MTEF/FSP outlines the federal government’s fiscal policy direction, macroeconomic assumptions, revenue projections, and spending priorities over a three-year period.
These documents serve several key functions, such as providing the fiscal parameters—such as oil benchmark price, exchange rate, and revenue targets—on which the national budget is built.
