The Federal Executive Council (FEC) has approved the 2026 budget, paving the way for its presentation to a joint session of the national assembly.
The approval was announced in a terse statement issued by Dada Olusegun, special assistant on social media to President Bola Tinubu.
“The Federal Executive Council has approved the 2026 Budget, and it is now ready for presentation to a joint session of the National Assembly this afternoon by the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, Bola Ahmed Tinubu,” the statement reads.
The decision followed a series of deliberations by the council on the 2026–2028 Medium-Term Expenditure Framework (MTEF) and the accompanying Fiscal Strategy Paper.
As part of the framework, the council had earlier endorsed an oil price benchmark of $64.85 per barrel for the 2026 fiscal year.
The council also approved a budget exchange rate of ₦1,512 to the dollar for the same period.