President Bola Tinubu has commenced the presentation of the 2026 appropriation bill to a joint sitting of the national assembly in Abuja.
The president arrived inside the chamber at exactly 3.01pm amid heightened security arrangements and was received by the leadership of both legislative chambers, signalling the start of the 2026 fiscal process.
Proceedings commenced at 3.05pm with an opening prayer led by Orji Uzor Kalu, senator representing Abia north under the All Progressives Congress (APC).
Governors from several states, including Imo, Ogun, Akwa Ibom, Cross River, Rivers, Delta, Niger, Lagos and Kwara, were present, reflecting the broad political interest surrounding the budget exercise.
Kashim Shettima, vice-president, joined ministers, senior government officials, principal officers of the national assembly and other influential political figures at the joint sitting.
The national chairman of the APC was also in attendance alongside party leaders and stakeholders.
The 2026 budget presentation is expected to set out the federal government’s fiscal direction, outlining spending priorities, revenue assumptions and policy focus for the coming year, with emphasis on stability, growth and reform consolidation.
Godswill Akpabio, senate president, began delivering his welcome remarks at 3.13pm.
Akpabio described the 2026 budget as one centred on “national renewal”.
Tinubu had earlier forwarded the 2026–2028 medium-term expenditure framework and fiscal strategy paper to the national assembly.
The senate, on December 16, approved the fiscal framework but reduced the proposed 2026 crude oil benchmark to $60 per barrel from $64.85.
The house of representatives, however, endorsed the crude oil benchmark of $64.85 per barrel as proposed by the president.
Both legislative chambers agreed on domestic crude oil production estimates of 1.84 million barrels per day for 2026, 1.88 million barrels per day for 2027, and 1.92 million barrels per day for 2028.
Lawmakers also approved projected exchange rates of N1,512 for 2026, N1,432.15 for 2027, and N1,383.18 for 2028.