The Federal Executive Council (FEC) has approved the 2026 Appropriation Bill following an emergency meeting held at the State House, Abuja.
President Bola Ahmed Tinubu is expected to formally present the budget proposal to a joint session of the National Assembly today, Friday.
The meeting, which was presided over by President Tinubu, was described by Vice President Kashim Shettima as the final administrative process required to give full executive approval to the 2026 budget estimates. He said the session was convened to ensure cohesion within the executive arm ahead of the presentation to lawmakers.
The 2026 budget is based on the 2026–2028 Medium-Term Expenditure Framework (MTEF) and outlines the Federal Government’s key economic assumptions for the fiscal year. These include an oil price benchmark of $64.85 per barrel, an exchange rate of ₦1,512 to one US dollar, and a projected gross federation revenue of ₦50.74 trillion.
Top government officials present at the meeting included the Secretary to the Government of the Federation, Senator George Akume; the Chief of Staff to the President, Femi Gbajabiamila; the National Security Adviser, Mallam Nuhu Ribadu; and the Head of the Civil Service of the Federation, Mrs. Didi Walson-Jack.
With the executive approval secured, attention now turns to the National Assembly, where the budget presentation will trigger the budget defence process. During this phase, ministries, departments and agencies will appear before lawmakers to defend their proposed allocations ahead of the bill’s eventual passage.
