By Kamsi Anayo, Awka
The Federal Executive Council (FEC) has approved the 2026 Budget, clearing the way for its presentation to a joint session of the National Assembly this afternoon by President Bola Tinubu.
This was disclosed on Friday in a brief statement by the President’s Special Assistant on Social Media, Dada Olusegun on his X handle.
President Bola Tinubu had presented the 2026 Appropriation Bill to a joint session of the National Assembly, proposing a total budget of N58.46 trillion for the fiscal year.
The proposal includes non-debt recurrent expenditure estimated at N15.25 trillion.
In his address, the President said capital expenditure was fixed at N26.08 trillion, while the crude oil price benchmark for the 2026 fiscal year was set at 64.85 dollars per barrel.
The budget assumptions are based on crude oil production of 1.84 million barrels per day and an exchange rate of N1,400 to the United States dollar.
A breakdown of the proposal shows that defence and security received the highest allocation at N5.41 trillion.
Infrastructure followed with N3.56 trillion, while the education sector was allocated N3.52 trillion. The health sector was earmarked N2.48 trillion in the spending plan.
The statement read, “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 FEC’s approval follows a series of meetings in which key parameters of the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper were reviewed.
“Among the decisions taken, the Council had earlier approved an oil price benchmark of $64.85 per barrel and a budget exchange rate of ₦1,512 to one US dollar for the 2026 fiscal year. this afternoon by President Bola Tinubu.
