National News
Tinubu presents 2026 Budget to National Assembly
President Bola Tinubu arrived at the National Assembly on Friday to present the 2026 appropriation bill, entering the House of Representatives chamber at exactly 3:00 pm.
The presentation follows the approval of the 2026 budget by the Federal Executive Council (FEC) earlier in the day. At the National Assembly, Tinubu will address a joint session of both chambers on the proposed expenditure for 2026.
Last week, the president had already sent the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly as part of the budget planning process.
The senate, on December 16, passed the MTEF but approved a downward review of the crude oil benchmark price for 2026 to $60 per barrel, from $64.85.
But the lower legislative chamber endorsed the projected crude oil benchmark of $64.85, proposed by the president.
Both chambers retained the projected domestic crude oil production of 1.84 million barrels per day (mbpd), 1.88 mbpd, and 1.92 mbpd for 2026, 2027, and 2028, respectively.
The national assembly approved a projected exchange rate of N1,512, N1,432.15, and N1,383.18 for the 2026-2028 fiscal year.
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