The Federal Executive Council (FEC) has approved N58.47 trillion budget proposal for the 2026 fiscal year.
The Director-General of Budget Office of the Federation, Tanimu Yakubu, disclosed this while briefing newsmen after the FEC meeting held at the Presidential Villa in Abuja on Friday, December 19, 2025.
In 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) reviewed, the total size of the budget is N54.46 trillion, of which N34.33 trillion is the retained revenue.
Yakubu explained that the aggregate expenditure for 2026 budget proposal is six per cent higher than the 2025 budget estimate.
He said: “This includes projected spending of government-owned enterprises, amounting to N4.98 trillion, and N1.37 trillion for Grants and Donor-funded projects.
“The projected aggregate spending includes statutory transfers of N4.1 trillion debt service, N15.52 trillion including N3.388.54 billion for the sinking fund to retire maturing issues of local contractors and creditors.
“Personnel costs including pension: N10.75 trillion, which includes N1.02 trillion for government-owned Enterprises and seven per cent higher than the 2025 provision and overhead cost N2.22 trillion.”
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