Just In: FEC approves N13.08trn budget for 2021

File photo: Members of the council

The Federal Executive Council (FEC), on Wednesday, September 30, 2020 approved the sum of N13.08 trillion as budget estimate for 2021.

Today’s meeting was presided over by President Muhammadu Buhari.

Zainab Ahmed, Minister of Finance, Budget and National Planning at the end of the meeting told journalists that that FEC had approved the budget estimates for 2023.

According to her, the budget proposal was N379 per dollar exchange rate; oil benchmark of $40 barrel per day; and oil production volume of 1.86 million per day.

Buhari had written the National Assembly on Tuesday to notify his intention to present the 2021 budget before the joint Assembly next week.

Senate President, Ahmad Lawan, had said during plenary on Tuesday that the president would present his budget next week for quick passage of the appropriation bill into law.

The Senate President while commending the Joint Committee on Finance and National Planning for carrying out comprehensive legislative work on the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper, stated that consideration of its report by the upper chamber would precede presentation of the 2021 budget estimates next week by the President.

“The Joint committee will present it’s report to the Senate today for consideration. This is a precursor to the presentation of the 2021 Budget Estimates by the Executive Arm of Government soon. I am aware that the Executive will be presenting the 2021 Budget Estimates by next week,” Lawan said.