FEC Approves 2026 Budget for National Assembly Presentation

The Federal Executive Council has approved the 2026 federal budget, clearing the way for its presentation to a joint session of the National Assembly.

The approval was confirmed on Friday, with officials noting that the decision followed extensive deliberations on the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper.

Key parameters already endorsed include an oil price benchmark of $64.85 per barrel and an exchange rate assumption of ₦1,512 to the dollar for the 2026 fiscal year. The budget is expected to reflect the government’s fiscal priorities amid ongoing economic reforms.

With cabinet approval secured, President Bola Tinubu is set to formally present the appropriation bill to lawmakers later today.