President Bola Tinubu has formally submitted the Federal Government’s 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives, requesting swift legislative review and adoption of the fiscal blueprint.
The transmission of the documents was conveyed through a presidential letter read on the floor of the House on Wednesday by the Deputy Speaker, Benjamin Kalu, who presided over plenary. In the correspondence, the President appealed to lawmakers to prioritise the consideration of the MTEF/FSP, describing the documents as central to the next fiscal cycle.
“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 President noted in the letter.
Tinubu disclosed that the Federal Executive Council had already approved the macro-fiscal templates on December 3, 2025. He further stated that the 2026 national budget would be drafted strictly in alignment with the assumptions and parameters contained in the approved MTEF and FSP.
Last week, the Federal Executive Council endorsed major fiscal projections for the 2026–2028 period, including a crude oil benchmark price of $64.85 per barrel and an exchange rate of N1,512 to the dollar for the preparation of the 2026 budget.
The MTEF and FSP serve as the fundamental fiscal planning instruments required under the Fiscal Responsibility Act. They define the government’s macroeconomic trajectory, outline revenue expectations, and set expenditure ceilings for a three-year period.
These policy documents also outline key budget-building assumptions such as oil benchmark price, exchange rate, and overall revenue targets, ensuring that annual budgets are constructed on realistic fiscal foundations.
By establishing these fiscal reference points ahead of the budget cycle, the framework strengthens discipline in public finance management and ensures that government spending reflects available revenue.
Additionally, the MTEF/FSP enhances predictability and transparency, enabling Ministries, Departments and Agencies (MDAs), private investors, and development partners to plan effectively around the Federal Government’s priorities.
The documents also empower lawmakers with the necessary oversight tools, as the National Assembly must approve the MTEF and FSP before the executive branch can submit the annual Appropriation Bill.
 and Fiscal Strategy Paper (FSP) to the House of Representatives, requesting swift legislative review and adoption of the fiscal blueprint.){kind=link}