- Tinubu Transmits 2026–2028 Fiscal Framework to House, Urges Fast-Track Approval
- The framework pegged the oil price benchmark at $64.85 per barrel
- Set the budget exchange rate at N1,512 to $1
President Bola Ahmed Tinubu has formally submitted the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives, calling on lawmakers to expedite approval as the foundation for the 2026 federal budget.
Eko Hot Blog reports that the submission was read by Deputy Speaker Benjamin Kalu during yesterday’s plenary, highlighting the importance of timely legislative consideration to ensure a smooth budget process.
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“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’s letter stated.
The MTEF/FSP, approved by the Federal Executive Council (FEC) on December 3, 2025, is a critical instrument in Nigeria’s annual budget cycle.
The FEC, chaired by the President, serves as the highest decision-making body on national fiscal policy, setting spending frameworks, revenue assumptions, and economic projections that guide the preparation of the federal budget.
For the 2026–2028 cycle, the framework pegged the oil price benchmark at $64.85 per barrel and set the budget exchange rate at N1,512 to $1, providing a basis for revenue forecasts and expenditure ceilings over the next three years.
The document also outlines government priorities across key sectors, including infrastructure, social services, and security, offering a strategic roadmap for economic planning and fiscal discipline.
By transmitting the framework to the National Assembly, the Presidency emphasizes the need for timely legislative approval, ensuring that budget proposals align with national economic goals before formal debate and passage.
FURTHER READING
- Tinubu Tasks Federal Universities on Sustainable Funding, Infrastructure Upgrade
- Shettima Leaves Abuja For Côte d’Ivoire As Tinubu’s Representative
- US Congressional Delegation Visits Nigeria For Security Talks
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