The Federal Executive Council has given approval to the 2026 budget, thus paving the way for President Bola Ahmed Tinubu to formally present the budget to a joint session of the National Assembly.
The approval marks a major step in the 2026 fiscal process.
It signals the conclusion of executive deliberations ahead of legislative consideration.
Following the Council’s meeting on Friday, confirmation of the approval was made public.
The budget is now set for presentation by the President in his role as President and Commander-in-Chief of the Armed Forces.
According to the statement, “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 decision comes after several strategic meetings by the Federal Executive Council.
These meetings focused on reviewing the 2026–2028 Medium-Term Expenditure Framework and the Fiscal Strategy Paper, which outline government spending plans and revenue expectations.
During the review process, the Council agreed on key economic benchmarks for the 2026 fiscal year.
An oil price benchmark of $64.85 per barrel was approved, alongside a budget exchange rate of ₦1,512 to one US dollar.
These assumptions are expected to guide projections on revenue generation, expenditure limits, and fiscal stability.
They also form the basis for discussions that will take place when the budget reaches the National Assembly.
Once laid before lawmakers, the budget will undergo scrutiny, debate, and possible adjustments.
Final approval by the legislature will be required before implementation can begin.