President Bola Tinubu has presented the 2026 appropriation bill to a joint session of the national assembly.
The president arrived at the chamber of the house of representatives at exactly 3:00 pm on Friday, where he addressed lawmakers from both chambers of parliament.
The presentation followed the approval of the 2026 expenditure proposal by the federal executive council (FEC) earlier in the day.
Last week, Tinubu transmitted the 2026–2028 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) to the national assembly for consideration.
On December 16, the senate passed the MTEF but approved a downward review of the 2026 crude oil benchmark price to $60 per barrel, from the $64.85 proposed by the president.
However, the house of representatives retained the $64.85 crude oil benchmark earlier forwarded by the executive.
Both chambers also approved projected domestic crude oil production figures of 1.84 million barrels per day (mbpd) for 2026, 1.88 mbpd for 2027, and 1.92 mbpd for 2028.
The national assembly further adopted projected exchange rates of N1,512 for 2026, N1,432.15 for 2027, and N1,383.18 for 2028.
The 2026 budget presentation marks the formal commencement of legislative consideration of the appropriation bill for the next fiscal year.
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