FEC Approves N13.08tr 2021 Budget

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By Omololu Ogunmade

The Federal Executive Council (FEC) Thursday approved N13.08 trillion budget for 2021 fiscal year.

Briefing reporters after the meeting, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said the budget estimate was made up of N2.083 trillion capital expenditure, which she described as 29 per cent of the total budget.

According to her, the budget proposal is predicated on N379/$ exchange rate, oil benchmark of $40 per barrel, oil production volume of 1.86 million per day, including 400,000 condensate, Gross Domestic Product (GDP) growth of three per cent and 11.95 per cent inflation rate.

The minister, who said the budget, would run on N4.48 trillion deficit, put the revenue target in the fiscal year at N7.9 trillion.

Details later…