The Federal Executive Council (FEC) on Wednesday approved N13.08 trillion Budget estimate for 2021 fiscal year.
The FEC meeting, which was presided over by President Muhammadu Buhari, was attended by the Secretary to the Government of the Federation, Boss Mustapha; Chief of Staff to the President, Prof Ibrahim Gambari, and the National Security Adviser, NSA, Major General Babagana Monguno (rtd).
The ministers who attended the FEC meeting are the Attorney-General of the Federation and Minister for Justice, Abubakar Malami; Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of Information and Culture Lai Mohammed, and the Minister of State for Budget and National Planning, Clement Agba.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, said the proposed 2021 Budget is predicated on an exchange rate of N379/$, oil benchmark of $40 barrel per day, and oil production volume of 1.86 million per day, including 400,000 condensate.
Besides, the minister said the government was expecting the Gross Domestic Product (GDP) to grow by three percent and targeting inflation rate of 11.95 percent.
She said the budget estimate is made up of N2.083 trillion capital expenditure, which she described as 29 per cent of the total budget.
Ahmed, however, projected a budget deficit of N4.48 trillion in 2021.
President Buhari is expected to present the 2021 Budget to a joint sitting of the National Assembly next week.
President of the Senate, Ahmad Lawan, had disclosed this during the resumption of the plenary of the Senate on Tuesday.
Lawan said the presentation of the 2021 budget by the President will be preceded by the consideration of 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.
BELOW ARE DETAILS OF THE PROPOSED BUDGET:
Oil benchmark: $40 per barrel
Oil Production: 1.86m bpd (including 400,000 of condensate)
Exchange Rate: N379/$
GDP growth target: 3%
Inflation target: 11.95%
Budget Deficit: N4.48 trillion
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