Nigeria’s Federal Executive Council (FEC) has approved the 2026 Budget. The decision paves the way for its formal presentation to the National Assembly, the country’s bicameral legislature.
Okay News reports that President Bola Ahmed Tinubu, who chaired the FEC meeting in Abuja, Nigeria’s federal capital, endorsed the fiscal plan. Presidential aide Dada Olusegun announced the approval via social media.
“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 read.
President Tinubu is scheduled to address a joint session later on December 19, 2025. The event marks a key step in the annual budgetary process.
Approval followed reviews of the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper. Earlier FEC decisions set key parameters for the budget.
These include an oil price benchmark of $64.85 per barrel. The exchange rate was fixed at ₦1,512 to one US dollar.
The budget reflects Nigeria’s ongoing economic reforms under President Tinubu’s administration. It aims to support diversification and fiscal stability amid global energy shifts.
Presentation to lawmakers initiates legislative scrutiny and debate. Approval by the National Assembly is required before enactment.
This routine yet critical process shapes federal spending priorities for infrastructure, security, education, and social programmes.
The timely approval demonstrates coordinated executive planning. It sets the stage for parliamentary engagement on national resource allocation.
Developments underscore efforts to maintain budgetary discipline in Africa’s largest economy.
