President Bola Tinubu has forwarded the nation’s new fiscal roadmap covering the years 2026 to 2028 to the House of Representatives, setting the stage for legislative scrutiny of Nigeria’s medium-term spending direction.
During Wednesday’s plenary, Deputy Speaker Benjamin Kalu read the president’s letter, which emphasized the need for lawmakers to treat the documents with urgency. According to Tinubu, the upcoming 2026 national budget will rely heavily on the assumptions and projections contained in the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), both of which received approval from the Federal Executive Council earlier this month.
The fiscal document outlines the Federal Government’s revenue expectations, spending strategy, and economic targets for the next three years. Among the key projections is an oil benchmark of $64.85 per barrel, reflecting current market assessments, and an exchange rate benchmark of ₦1,512 to $1, which will guide budget planning for 2026.
Beyond revenue projections, the MTEF/FSP details the government’s macroeconomic outlook, debt strategy, and expected fiscal discipline measures aimed at stabilizing Nigeria’s economy. These documents serve as the foundation for budget preparation, helping lawmakers determine what spending priorities should be scaled up and which ones require restraint.
With the transmission now complete, attention shifts to the House committees expected to interrogate the assumptions, evaluate projected revenue streams, and question the feasibility of the benchmarks. Their recommendations will shape the final framework that supports Nigeria’s next federal budget cycle.
The review process is critical, as the MTEF/FSP determines public expenditure limits, borrowing plans, and the government’s overall economic direction for the medium term. Once approved, it becomes the guiding template for the nation’s financial planning through 2028.
