President Bola Ahmed Tinubu is leading an emergency session of the Federal Executive Council (FEC) at the State House, Abuja, ahead of the presentation of the 2026 Appropriation Bill to a joint session of the National Assembly.
The meeting comes hours after the President formally notified the National Assembly of his intention to present the 2026 budget estimates at 2:00 p.m. on Friday, December 19, 2025, in his capacity as President and Commander-in-Chief of the Armed Forces.
Vice President Kashim Shettima, speaking at the opening of the Council session, said the emergency meeting was convened to give final approval to the budget proposals before they are laid before lawmakers. He described the session as an opportunity to “put the stamp of approval” on the 2026 budget estimates.
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The development follows the Council’s December 3 meeting, during which FEC reviewed and approved key parameters of the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper. At that meeting, the Council set an oil price benchmark of $64.85 per barrel and a budget exchange rate of ₦1,512 to the United States dollar for the 2026 fiscal year.
Under the three-year MTEF projections, gross Federation revenue for 2026 is estimated at ₦50.74 trillion. Of this, the Federal Government is expected to receive ₦22.60 trillion, while states and local governments are projected to get ₦16.30 trillion and ₦11.85 trillion, respectively.
Briefing journalists after the meeting, Minister of Budget and National Planning, Senator Atiku Bagudu, said the FEC also approved a crude oil production benchmark of 2.06 million barrels per day for 2026. For budget planning purposes, however, a more conservative estimate of 1.8 million barrels per day will be adopted.
The meeting was attended by 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, National Security Adviser, Mallam Nuhu Ribadu, and other members of the Federal Executive Council.
