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BREAKING: FEC Approves N13.08trn 2021 Budget

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The Federal Executive Council has approved a budget estimate of N13.08trn for the 2021 fiscal year.

This was disclosed by the Minister of Finance, Budget and National Planning, Zainab Ahmed, at the end of the FEC meeting to State House correspondents.

The fiscal document was approved at a meeting of the council on Wednesday presided over by the President Muhammadu Buhari.

The minister said the budget proposal is predicated on N379 per dollar exchange rate; oil benchmark of $40 barrel per day; and oil production volume of 1.86 million per day.

The Minister, who was accompanied by Minister of State for Budget and National Planning, Clement Agba; the Minister for Information and Culture Alhaji Lai Mohammed and the Director-General of the Budget Office, Mr Ben Akabueze, also said the projected Capital Expenditure for the year is projected at N2.083 trillion.

Other indices projected to tune the 2021 Budget include oil production at 1.86 million barrels per day, including 400,000 barrels of condensate; Gross Domestic Product (GDP) growth target at 3%; inflation target at 11.95%; and foreign exchange set at N379 to one dollar.

The minister who said the project would run on N4.48 trillion deficit with a revenue target of N7.9 trillion.

The budget is expected to be presented to the national assembly in October.

Providing an update on the performance of the 2020 budget, Ahmed said 68 percent of the revenue target has been achieved.

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