JUST IN: FEC approves 2026 budget

The Federal Executive Council (FEC) has approved the 2026 Budget, clearing the way for its presentation to a joint session of the National Assembly this afternoon by President and Commander-in-Chief of the Armed Forces, Bola Ahmed Tinubu.

This was disclosed on Friday in a brief statement by the President’s Special Assistant on Social Media, Dada Olusegun on his X handle.

The statement read, “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 FEC’s approval follows a series of meetings in which key parameters of the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper were reviewed.

Among the decisions taken, the Council had earlier approved an oil price benchmark of $64.85 per barrel and a budget exchange rate of ₦1,512 to one US dollar for the 2026 fiscal year.

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