JUST IN : FEC okays 2026 budget

The Federal Executive Council (FEC)  has given its approval to the 2026 Budget, paving the way for President and Commander-in-Chief of the Armed Forces, Bola Tinubu, to present it to a joint sitting of the National Assembly later today.

The approval was announced on Friday by the President’s Special Assistant on Social Media, Dada Olusegun, in a short statement shared on his X handle.

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 Council’s decision follows several deliberations during which members examined key assumptions underpinning the 2026–2028 Medium-Term Expenditure Framework and the Fiscal Strategy Paper.

As part of the resolutions reached during the meetings, the Council had earlier endorsed an oil price benchmark of $64.85 per barrel as well as a budget exchange rate of ₦1,512 to one US dollar for the 2026 fiscal year.