FEC Approves 2021 Budget Of N13.08tn Ahead Of Budget Presentation Next Week

The Federal Executive Council (FEC) has projected a N13.08 trillion budget for the 2021 fiscal year.

This information was disclosed in Abuja to State House Correspondents after the weekly virtual FEC meeting presided over by President Muhammadu Buhari.

Speaking further the Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed  who made this known stated that the projected Capital Expenditure for the year is projected at N2.083 trillion.

President Muhammadu Buhari is expected to present the proposed 2021 national budget to a joint session of the National Assembly next week.

However, Mrs Ahmed, also said the oil benchmark has been pegged at $40 per barrel. 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