The Federal Executive Council has given its approval to the 2026 budget, paving the way for President Bola Ahmed Tinubu to present the proposal to a joint sitting of the National Assembly later today.
The approval was confirmed on Friday in a brief statement issued by the President’s Special Assistant on Social Media, Dada Olusegun, via his X account.
According to the statement, the council’s endorsement makes the 2026 Appropriation Bill ready for formal presentation by the president, in his capacity as President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria.
The decision followed a series of deliberations by the council on the fiscal direction for the coming years, including reviews of the 2026–2028 Medium-Term Expenditure Framework and the Fiscal Strategy Paper.
As part of the framework already approved, the Federal Executive Council adopted an oil price benchmark of $64.85 per barrel and set the budget exchange rate at ₦1,512 to the United States dollar for the 2026 fiscal year.
