Presenting the proposal, tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the President said the budget is aimed at consolidating recent macroeconomic gains, restoring investor confidence, and translating economic recovery into jobs and improved living standards for Nigerians.

Tinubu, who began his address at 3:31 pm, described the moment as “defining” in Nigeria’s reform journey, acknowledging the hardship caused by reforms over the past two and a half years while assuring Nigerians that their sacrifices were not in vain.

Read Also: Plateau Governor Presents N914 Billion Budget for 2026 Fiscal Year

“I appear before this Joint Session of the National Assembly, in fulfilment of my constitutional duty, to present the 2026 Appropriation Bill,” the President said.

Source: Nation

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The meeting is taking place hours after the President formally informed the National Assembly of his plan to present the 2026 budget estimates on December 19, 2025, in his capacity as President and Commander-in-Chief of the Armed Forces.

Speaking at the opening of the Council meeting, Vice President Kashim Shettima 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.

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.

Read Also: President Tinubu postpones FEC meeting

Speaking with 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.

Source: TVC

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