The Federal Government has approved a N54 trillion Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) valued at N54 trillion to cover the three-year period from 2026 to 2028.
The approval was granted on Wednesday at the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa.
The N54 trillion aggregate expenditure projection will now form the fiscal foundation for the 2026, 2027, and 2028 federal budgets and will be immediately transmitted to the National Assembly for legislative approval.
Sources at the Council meeting said the MTEF is anchored on the following key assumptions:
- Crude oil price benchmark of $75 per barrel
- Oil production of 2.06 million barrels per day
- Exchange rate of N1,400 to the US dollar
- Projected GDP growth rate of 4.6%
The document also contains new revenue measures and expenditure rationalisation strategies aimed at significantly reducing the budget deficit and boosting capital spending on infrastructure, security and social programmes.
With the approval of the 2026–2028 MTEF, the Ministry of Budget and Economic Planning will commence immediate preparation of the 2026 Appropriation Bill, which President Tinubu is expected to present to a joint session of the National Assembly before the week of 15 December 2025.
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