The Federal Executive Council (FEC) has approved the 2026 budget, clearing the way for its presentation to a joint session of the National Assembly.
The announcement was made in a brief statement on Friday, December 19, by the President’s Special Assistant on Social Media, Dada Olusegun.
“The Federal Executive Council has approved the 2026 Budget and it is now ready for presentation to the joint session of the National Assembly, this afternoon by the President, Commander-in-Chief, Bola Ahmed Tinubu, GCFR,” the statement read.
Earlier, President Tinubu convened an emergency FEC session at the Council Chambers of the State House, Abuja, ahead of presenting the 2026 Appropriation Bill.
The President had formally notified the National Assembly of his intention to present the budget estimates at 2:00 p.m. on Friday.
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Vice President Kashim Shettima, speaking at the opening of the Council meeting, explained that the session was convened to give final approval to the budget proposals before submission to lawmakers.
He described the meeting as necessary to “put the stamp of approval” on the budget estimates.
This emergency session followed a FEC meeting on December 3, during which the Council reviewed and approved key parameters of the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper.
Areas Covered by the Budget
At the meeting, an oil price benchmark of $64.85 per barrel and a foreign exchange rate of ₦1,512 to one US dollar were approved for the 2026 fiscal year.
Under the three-year MTEF projections, gross Federation revenue for 2026 is estimated at ₦50.74 trillion, with the Federal Government expected to receive ₦22.60 trillion, states ₦16.30 trillion, and local governments ₦11.85 trillion.
Briefing journalists after the meeting, Minister of Budget and National Planning, Senator Atiku Bagudu, said the FEC approved a crude oil production benchmark of 2.06 million barrels per day for 2026, although a more conservative figure of 1.8 million barrels per day will be used for budget planning purposes.
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Present at the session were Vice President Kashim Shettima; Secretary to the Government of the Federation, Senator George Akume; Head of the Civil Service of the Federation, Mrs. Didi Walson-Jack; Chief of Staff to the President, Femi Gbajabiamila; National Security Adviser, Mallam Nuhu Ribadu; as well as ministers and other members of the Federal Executive Council.
The 2026 budget is now set for formal presentation to the National Assembly later today.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.
