President Bola Tinubu on Friday held an emergency Federal Executive Council (FEC) meeting where an approval of N58.47 trillion budget proposal for the 2026 fiscal year was made.
The emergency FEC meeting preceded the presentation of the Budget to the National Assembly by President Tinubu.
Among those in attendance at the meeting were Vice President Kashim Shettima; the Secretary to the Government of the Federation, Senator George Akume; the Head of the Civil Service of the Federation, Mrs Didi Walson-Jack; the Chief of Staff to the President, Femi Gbajabiamila; and the National Security Adviser, Mallam Nuhu Ribadu. Cabinet ministers were also present.
Addressing State House correspondents after the FEC, Tanimu Yakubu, the Director-General of the Budget Office of the Federation, said the aggregate expenditure for 2026 is projected at 58.47 trillion naira. Six percent higher than the 2025 budget estimate.
According to him, this includes projected spending of government owned Enterprises, amounting 4.98 trillion naira, and 1.37 trillion naira for Grants and donor funded projects.
Yakubu said, “The projected aggregate spending includes statutory transfers 4.1 trillion naira, debt service: 15.52 trillion including 3.388.54 billion naira for the sinking fund to retire maturing issued local contractors and creditors.
“Personnel costs including pension: 10.75 trillion era, which includes 1.02 trillion for government-owned Enterprises and seven percent higher than the 2025 provision. Overhead cost 2.22 trillion naira.
“Capital expenditure: 25.68 trillion naira, 1.8 percent lower than the 2025 capital provision, reflecting a more conservative approach to capital planning and the focus on completing ongoing projects.”
He further explained that “Capital allocation priorities include MDS 11.3, trillion naira, multilateral and bilateral loans 2.052 to trillion naira, capital component of the development levy: 1.8 trillion naira.
The 2026 budget, he said, “reflects a deliberate balance between macroeconomic stabilization and development imperatives and the median term fiscal framework. Budget assumptions are conservative and realistic, particularly on oil price, exchange rate, and government-owned enterprises dividends.”
Speaking earlier, the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, confirmed that FEC considered the 2026 budget proposal that will be presented before the joint session of the National Assembly.
“As well as an amendment to the medium-term expenditure framework, which we propose, a revision downwards of the exchange rate from N1.152 to N1400 and the consequential changes in budget size.
“So the Federal Executive Council approved both the amendment to the medium term as well as the 2026 budget proposal for presentation to the National Assembly,” he said.
Also, the Minister of Information and National Orientation, Mohammed Idris, described the FEC as a one item meeting to consider and pass the 2026 budget for onward transmission to the National Assembly by President Bola Tinubu.
