President Tinubu presides over FEC emergency meeting to finalise the 2026 Budget before presentation to National Assembly
President Bola Ahmed Tinubu on Friday presided over an emergency meeting of the Federal Executive Council at the State House, Abuja, ahead of the presentation of the 2026 Appropriation Bill to a joint session of the National Assembly.
The session follows the President’s formal notification to the lawmakers that he would lay the budget estimates before the National Assembly at 2:00 p.m. on December 19, 2025.
Vice President Kashim Shettima, speaking at the opening of the Council session, said the emergency meeting was convened to give final approval to the 2026 budget proposals.
“This session is meant to put the stamp of approval on the budget estimates before they are presented to the National Assembly,” Shettima said.
The meeting comes weeks after the Council’s December 3 review of key parameters in the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper.
The Council approved an oil price benchmark of $64.85 per barrel and a budget exchange rate of ₦1,512 to one United States dollar for the 2026 fiscal year.
Minister of Budget and National Planning, Senator Atiku Bagudu, briefed journalists after the session, confirming that the FEC also approved a crude oil production benchmark of 2.06 million barrels per day for 2026, though a more conservative estimate of 1.8 million barrels per day will guide budget planning.
Under the three-year MTEF projections, gross Federation revenue for 2026 is estimated at ₦50.74 trillion, with the Federal Government expected to receive ₦22.60 trillion.
States and local governments are projected to receive ₦16.30 trillion and ₦11.85 trillion, respectively.
Key officials at the meeting included Vice President Kashim Shettima; Secretary to the Government of the Federation, Senator George Akume; Head of the Civil Service, Mrs Didi Walson-Jack; Chief of Staff to the President, Femi Gbajabiamila; and National Security Adviser, Mallam Nuhu Ribadu. Ministers and other members of the Federal Executive Council were also in attendance.
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The emergency meeting underscores the administration’s commitment to ensuring that the 2026 Budget receives thorough final vetting before lawmakers deliberate, signalling a strategic focus on fiscal discipline and revenue planning.
