Senate has passed the 2026-2028 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) for second reading, paving the way for the presentation of next year’s national budget.
The passage followed the submission of the report on the interaction with the nation’s economic managers regarding the expenditure framework and fiscal strategy paper by the Senate Committee Chairman on Finance, Senator Sani Musa, which was sent to the Red Chamber by President Bola Tinubu last week.
Senator Sani Musa, the Senate Committee Chairman on Finance, while making the submission to his colleagues at plenary, explained that the approved revenue generation projections and expenditure were based on the dynamics of oil prices in the international market and the performance observed in the outgoing fiscal year.
Senator Musa noted that the implementation of Nigeria new tax regime, as contained in the Tax Act, would activate veritable economic stimulus to enhance revenue generation, improve trade facilitation, block leakages and strengthen transparency with ultimate impact on the 2026 budget.
After several senators contributed to the debate, the President of the Senate, Godswill Akpabio, read out the summary of the committee’s report, and the lawmakers unanimously approved the document for passage.
Senator Akpabio thanked the committees of Finance, Banking, and Appropriation, National Planning, as well as the lawmakers, for working expeditiously to bring up the report on the medium term expenditure and Fiscal Strategy Paper for 2026-2028 to allow the presentation of next year’s national budget.
RN
