The Federal Executive Council (FEC) has approved the 2026-2028 Medium-Term Expenditure Framework (MTEF), a comprehensive fiscal plan outlining revenue projections, spending priorities, and key assumptions for the next three years. The approval was granted during a meeting presided over by President Bola Tinubu, with the Minister of Budget and Economic Planning, Sen. Atiku Bagudu, providing details to State House Correspondents afterwards.

According to Sen. Bagudu, the MTEF sets a revenue target of 34.3 trillion for the federal government over the 2026-2028 period. This framework is designed to guide the government’s financial decisions, ensuring alignment with its strategic objectives and priorities. The minister’s briefing highlighted the importance of this fiscal plan in shaping the country’s economic trajectory.

The Medium-Term Expenditure Framework is a crucial tool for the federal government, as it provides a structured approach to budgeting and resource allocation. By outlining expected revenues and expenditures, the MTEF enables the government to make informed decisions about spending priorities, investment in key sectors, and the management of fiscal risks. This framework is particularly significant in the context of Nigeria’s economic development goals, as it aims to promote sustainability, stability, and growth.

The approval of the 2026-2028 MTEF comes at a time when the Nigerian economy is navigating various challenges, including global economic uncertainties and domestic fiscal pressures. The government’s ability to effectively implement this fiscal plan will be critical in addressing these challenges and achieving its development objectives. As the country moves forward with the implementation of the MTEF, close monitoring and adjustments will be necessary to ensure that the set targets are met and the intended economic benefits are realized.

The significance of the FEC’s approval of the MTEF lies in its potential to enhance fiscal discipline, promote transparency, and guide the allocation of resources in a way that supports Nigeria’s economic growth and development. As the government embarks on the implementation of this fiscal plan, it will be important to maintain a focus on the key priorities and assumptions outlined in the framework, ensuring that the country remains on a path towards sustainable economic development.