JUST IN: Tinubu Presides Over Emergency FEC Meeting Ahead of 2026 Budget Presentation

President Bola Ahmed Tinubu is currently leading an emergency session of the Federal Executive Council (FEC) at the Council Chambers of the State House, Abuja, ahead of presenting 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 meeting, explained that the session was convened to give final approval to the 2026 budget proposals before submission to lawmakers. He described the meeting as necessary to “put the stamp of approval” on the budget estimates.

This emergency session follows the FEC meeting held on December 3, during which the Council reviewed and approved key parameters of the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper. At that meeting, an oil price benchmark of $64.85 per barrel and a budget exchange rate of ₦1,512 to one US dollar were approved for the 2026 fiscal year.

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Under the three-year MTEF projections, gross Federation revenue for 2026 is estimated at ₦50.74 trillion, with the Federal Government set to receive ₦22.60 trillion, states ₦16.30 trillion, and local governments ₦11.85 trillion.

Briefing journalists after the meeting, Minister of Budget and National Planning, Senator Atiku Bagudu, disclosed that the FEC also approved a crude oil production benchmark of 2.06 million barrels per day for 2026. However, a more conservative figure of 1.8 million barrels per day will be used for budget planning purposes.

Present at the session were Vice President Kashim Shettima; Secretary to the Government of the Federation, Senator George Akume; Head of the Civil Service of the Federation, Mrs. Didi Walson-Jack; Chief of Staff to the President, Femi Gbajabiamila; National Security Adviser, Mallam Nuhu Ribadu; along with ministers and other members of the Federal Executive Council.