The Senate has described the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper as a critical instrument for aligning national priorities with fiscal discipline, economic stability, and sustainable development.
Senate President Godswill Akpabio stated this while declaring open a one-day interactive engagement with critical stakeholders.
Represented by the Deputy Chief Whip, Senator Peter Onyekachi, Akpabio said it is the responsibility of the legislature to ensure that the framework reflects realism, transparency, and the collective aspirations of the Nigerian people.
In his welcome address, the Chairman of the Senate Committee on Finance, Senator Muhammad Sani Musa, said the Medium-Term Expenditure Framework and Fiscal Strategy Paper constitute the foundation upon which national budgets are built.
“We are going to look at the parameters on oil production , none oil revenue , the exchange rate and the projected revenue they brought in the MTEF report is it tally with the realities on the ground to avoid assumptions that can not be realized ”
He added that this define not only our revenue and expenditure assumptions, but also the credibility of our fiscal planning, debt sustainability and our collective commitment to prudent economic management.
Senator Sani Musa further said the Senate Committee on Finance, assured to approach this process with a clear sense of responsibility to safeguard the public interest, strengthen fiscal sustainability,
and ensure that every minor value is delivered to the Nigerian people.
“We will pay close attention to revenue projections, debt thresholds, deficit financing, and the effectiveness of proposed reforms, such as taking into consideration the tax reform and new tax laws.”
Commenting on the 2024 and 2025 budget performance, the Minister of Finance and Co-ordinating Minister of Economy Olawale Edu said the 2024 capital component of the budget was extended to the whole of 2025.
The budget is largely fulfilled both in terms of the current and in terms of capital expenditure, Right now, funding is fully available for the 2024 capital budget that has been finalized and is in the gateway up to September, Funding is available for a portion and the other portion, the plan is to roll it over to 2026 budget.
The Committee has assured to examines all the report and the projected assumptions for a sustainable economic realities for fruitful budgetary provision in the 2026 budget estimates.
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