Senate Endorses 2026–2028 Medium-Term Expenditure Framework

The Senate has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), providing the fiscal and economic foundation for the Federal Government’s budget planning over the next three years.

The approval followed the consideration and adoption of a report by the Joint Committee on Finance, National Planning, and Economic Affairs during plenary. The framework outlines key macroeconomic assumptions that will guide the preparation of annual budgets within the period.

Under the approved MTEF, projections were made for crude oil production levels, oil price benchmarks, exchange rates, inflation, and economic growth, all of which are expected to shape government revenue and expenditure plans between 2026 and 2028.

Lawmakers noted that the framework was developed in line with the provisions of the Fiscal Responsibility Act, which mandates the Federal Government to present a medium-term fiscal plan to the National Assembly for approval before the annual budget process.

During deliberations, senators emphasised the need for realistic assumptions, improved revenue mobilisation, and tighter fiscal discipline, particularly in light of rising public debt and recurrent expenditure pressures.

The Senate also stressed the importance of ensuring that the implementation of the MTEF supports economic stability, job creation, infrastructure development, and social welfare, while reducing reliance on borrowing.

With the approval of the MTEF, the executive arm is now cleared to proceed with the preparation of the 2026 Appropriation Bill, in line with the fiscal parameters approved by the National Assembly.

The Senate reaffirmed its commitment to exercising effective oversight to ensure that budget implementation aligns with the approved medium-term fiscal framework and national development priorities.