The President’s Special Assistant on Social Media, Dada Olusegun, disclosed this in a brief statement on his X handle.

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.”

Read Also: President Tinubu Chairs Emergency FEC Meeting Ahead of 2026 Budget Presentation

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.

Source: Punch

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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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According to Pate, the second category of the approved contracts includes the procurement of locally manufactured diagnostic kits for diabetes.

He stated that the first-line antiretroviral drugs were approved a few weeks ago, and now they are putting forth resources, almost N997 million worth of contract, to procure the third-line antiretroviral drugs for those who are HIV-infected.

Pate further stated that a private company based in Lagos has been commissioned to manufacture diagnostic test kits, saying it is bringing to life the effort to unlock the healthcare value chain by encouraging local manufacturers.

He added that monitoring devices will also be distributed across primary healthcare centres, and health workers will be trained to assist patients in tracking their blood sugar levels.

Read Also: FG unveils AI training for 6,000 teachers nationwide

Pate noted that the president had previously emphasised the need for a medical relief program to reduce the cost of medical commodities.

In line with this directive, he said N4.5 billion would be allocated to procure antibiotics, antihypertensive, and antidiabetic medications—beyond the test kits—to help lower costs.

He also highlighted that the test kits were manufactured in Nigeria as part of efforts to support local production.

Additionally, the minister disclosed that N2.1 billion had been approved for obtaining a mobile X-ray machine and the rehabilitating and equipping of a 64-slice CT scan at Abubakar Tafawa Balewa University Teaching Hospital in Bauchi.

He explained that the upgraded facility would enhance diagnostic and clinical care services, making the hospital a referral centre for the broader region, and not only Bauchi.

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This follows the Senate’s endorsement of the Medium-Term Expenditure Framework 2025 – 2027 on November 22.

President Bola Tinubu will present the proposed N47.96tn budget to the joint session of the National Assembly on Wednesday. The exercise, earlier slated for Tuesday (today), was postponed to allow the executive arm to make final adjustments to the budget.

Read Also: Tinubu shifts 2025 budget presentation to Wednesday

A top management official of the National Assembly confirmed the postponement on Monday, which was further corroborated by the Minister of State for Agriculture, Sabi Abdullahi.

Previously, Senate President, Godswill Akpabio, had announced during a plenary session that the President would present the budget on Tuesday at the House of Representatives chamber.

Akpabio added that plenary would begin at 10:30am to allow senators convene in the Red Chamber before proceeding in a procession to the House chamber for the presentation.

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The decisions were taken at the meeting of the FEC in Abuja, as seen on the X handle of the Special Adviser Information and Strategy to President Tinubu, Bayo Onanuga.

There will now be a Ministry of Regional Development to oversee all the Regional Development Commissions, such as the Niger Delta Development Commission, North West Development Commission, South West Development Commission, and the North East Development Commission.

The National Sports Commission will take over the role of the Ministry of Sports.

The FEC also approved the merger of the Ministry of Tourism with the Ministry of Culture and Creative Economy.

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