Abuja – The Federal Executive Council (FEC) has approved a ₦58.47 trillion budget proposal for the 2026 fiscal year, with a revised exchange rate assumption of ₦1,400 per dollar. The approval was given during an emergency FEC meeting chaired by Vice President Kashim Shettima, hours before President Bola Tinubu presented the 2026 Appropriation Bill to a joint session of the National Assembly.
“The Council revised the exchange-rate assumption from ₦1,512 to ₦1,400 per dollar, with consequential adjustments to the overall budget size,” said the Minister of Budget and Economic Planning.
Total expenditure is projected at ₦58.47 trillion, a six per cent increase over 2025, including ₦4.98 trillion for government-owned enterprises and ₦1.37 trillion for grant- and donor-funded projects.
“The 2026 budget reflects a deliberate balance between macroeconomic stabilisation and development imperatives,” said Tanimu Yakubu, Director-General of the Budget Office.
The budget breakdown includes:
– Statutory transfers: ₦4.1 trillion
– Debt service: ₦15.52 trillion
– Personnel costs: ₦10.75 trillion
– Overhead costs: ₦2.22 trillion
– Capital expenditure: ₦25.68 trillio
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