2021 budget; Buhari, FEC approve N13.08tn

In a meeting presided over by President Muhammadu Buhari, the Federal Executive Council (FEC) projected the sum of N13.08 trillion as the financial budget for 2021.

This decision was revealed to State House correspondents in Abuja on Wednesday, September 30, by Zainab Ahmed, the minister of finance, budget and national planning.

Apart from telling journalist the projected capital expenditure for 2021 is projected at N2.083 trillion, the minister also disclosed that the oil benchmark has been fixed at $40 per barrel, The Nation reports.

Moreover, she noted that part of the decision of the FEC in line with the proposed budget is 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.