President Bola Tinubu has placed a major fiscal proposal before the Senate, seeking swift approval of the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper, which projects federal revenue at N34.33 trillion for 2026. His request was delivered through a letter read by Deputy Senate President Barau Jibrin, who led Thursday’s plenary.
The document sets the tone for the next three years of federal spending and revenue planning, forming the base on which the 2026 national budget will be built. While the president’s letter did not spell out the full assumptions behind the framework, it confirmed that the Federal Executive Council endorsed the plan on 3 December, clearing the way for legislative scrutiny.
Read also:
- Nigeria moves to rescue Diplomatic Missions abroad amid financial strain
- Nigeria opens massive recruitment drive for 50,000 new Police Constables
- Governor Fubara hints at mending fences with Assembly members
Key parameters in the proposal include an oil benchmark of 64 dollars per barrel and an exchange rate of N1,512 to the dollar. Crude production is projected at 2.6 million barrels per day, although a more conservative volume of 1.8 million barrels per day will guide budget preparation. These targets form the core of the fiscal assumptions the executive hopes lawmakers will adopt.
In his message, the president urged the Senate to act promptly, noting that the 2026 budget cannot proceed without the approved framework. He asked for cooperation to ensure that legislative action does not stall the timetable for next year’s spending plan.
Following the reading of the letter, the request was sent to the Senate Committee on Finance. The committee will examine the figures and make recommendations on whether they should stand, be raised or be trimmed. There are growing signs that the National Assembly may conclude work on the framework before year’s end, clearing the path for the formal presentation of the 2026 budget.
