The Federal Executive Council (FEC) at their meeting today, has projected a N13.08 trillion budget for the 2021 fiscal year.
Disclosing the new development to State House Correspondents after the weekly FEC meeting heard virtually and presided over by Nigeria President, Muhammadu Buhari, the Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed, said the oil benchmark used in their proposition was pegged at $40 per barrel.
The Minister, who was in the company of 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, said the projected Capital Expenditure for the year 2021 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
More details to come…