President Bola Tinubu is expected to present the 2026 proposed Federal Budget to a joint session of the National Assembly on Friday, December 19, 2025, at 2:00 pm, barring any last-minute changes.
This is according to a letter dated December 17 and circulated to all National Assembly staff by the Secretary of Human Resources and Staff Development, Adm. Essien Eyo Essien, which stated that only accredited personnel will be allowed into the National Assembly Complex for the budget presentation.
According to the memo, all accredited staff must report to their duty posts no later than 11:00 am, as security protocols will restrict access for anyone arriving after that time. Non-accredited persons have also been advised to stay away from the complex.
The directive further noted that, aside from the Clerk of the National Assembly, Deputy Clerk, Chief Secretary, Chief Human Resources Officer, and their deputies, all staff are required to park their vehicles at the Annex or the new car park near the National Assembly gate.
Essien urged strict adherence to the instructions to ensure smooth proceedings during the president’s budget presentation.
President Tinubu’s appearance before the lawmakers follows the Senate’s passage of the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which cleared the way for the presentation of the 2026 Appropriation Bill estimated at N54.4 trillion.
The approval came after the Senate considered and debated a report by the Chairman of the Senate Committee on Finance, Senator Sani Musa, during plenary on Tuesday. The MTEF and FSP had earlier received approval from the Federal Executive Council at its meeting on December 3, 2025.
Under the framework, the projected exchange rate was set at N1,512 to the dollar for 2026, N1,432.15 for 2027, and N1,383.18 for 2028, in line with the Central Bank of Nigeria’s exchange rate stability policy.
Despite a cautious oil price outlook, the Senate retained crude oil production estimates of 1.84 million barrels per day for 2026, 1.88 million barrels per day for 2027, and 1.92 million barrels per day for 2028, citing confidence in ongoing reforms in the oil and gas sector.
Lawmakers also upheld real GDP growth projections of 4.68 percent for 2026, 5.96 percent for 2027, and 7.9 percent for 2028, attributing the outlook to expected gains from tax reforms and broader economic restructuring.
For fiscal operations in 2026, the Senate approved Federal Government retained revenue of N34.33 trillion, new borrowings of N17.88 trillion, and debt servicing of N15.52 trillion, resulting in a fiscal deficit of N20.13 trillion.
The framework also makes provisions of N1.376 trillion for pensions, gratuities, and retirees’ benefits; N20.131 trillion for capital expenditure excluding transfers; N3.152 trillion for statutory transfers; and N388.54 billion for the Sinking Fund. Total recurrent non-debt expenditure was pegged at N15.265 trillion, while special intervention funds for recurrent and capital spending were set at N200 billion and N14 billion, respectively.
