FG approves N13.08trn for 2021 Budget

 

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

Disclosing this to State House Correspondents after the weekly virtual FEC meeting on Wednesday, presided over by President Muhammadu Buhari, the Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed, said the budget is based on oil benchmark of $40 per barrel.

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 put the projected Capital Expenditure for the year at N2.083 trillion.

Other indices that formed the 2021 Budget projection 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.

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