President Bola Ahmed Tinubu has forwarded the 2026-2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives for approval
President Bola Tinubu has transmitted the 2026-2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives for approval.
The documents were accompanied by a letter titled “The Federal Government of Nigeria’s 2026-2028 Medium Term Expenditure Framework and Fiscal Strategy Paper” which was read by the Deputy Speaker Benjamin Kalu who presided over Wednesday’s plenary session.
The letter reads: “It is with pleasure that I forward the 2026-2028 Medium Term Expenditure Framework and Fiscal Strategy Paper MTEF and FSP for the kind consideration and approval of the House of Representatives.
“The 2026-2028 MTEF and FSP was approved during the Federal Executive Council meeting of December 3, 2025 as the 2026 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2026-2028 MTEF and FSP.
“I seek the cooperation of the national assembly for expeditious legislative action on the submission. Please accept the Right Honourable speaker and Honourable Members, the assurances of my highest consideration.”
The House thereafter referred the MTEF/FSP to the Finance Committee for immediate consideration.
What MTEF and FSP Means
MTEF stands for Medium-Term Expenditure Framework. It is a rolling, usually three‑year plan that sets government’s projected revenues, overall spending limits, and sectoral expenditure ceilings to guide annual budgets within a medium‑term macroeconomic and fiscal outlook.
FSP stands for Fiscal Strategy Paper. It sets out government’s medium‑term fiscal objectives and strategies, including revenue mobilisation, spending priorities, deficit and debt targets, and other fiscal rules that underpin the annual budget and are embedded within the broader MTEF.
How MTEF and FSP work together
In Nigeria, the Fiscal Responsibility Act Section 11(1)(a) & (b) requires the executive to prepare and submit a combined MTEF/FSP for a three‑year period to the National Assembly (or state legislature) as the basis for next year’s budget not later than four months before the commencement of the next financial year.
The approved MTEF/FSP then provides the benchmark assumptions (like oil price, exchange rate, growth, revenue projections) and expenditure ceilings that ministries, departments and agencies must use when preparing their detailed annual budget proposals.
