The Federal Executive Council has approved a budget estimate of N13.08trn for the 2021 fiscal year. The fiscal document was approved at a meeting of the council on Wednesday presided over by Muhammadu Buhari
The minister of finance, Budget and National Planning, Zainab Ahmed said the budget proposal is predicated on N379 per dollar exchange rate; oil benchmark of $40 barrel per day; and oil production volume of 1.86 million per day.
The minister disclosed this at the end of the meeting saying: “The budget proposal is predicated on $379 exchange rate, oil benchmark of $40 barrel per day, oil production volume of 1.86 million per day, including 400,000 condensate, Gross Domestic Product (GDP) growth of three percent and 11.95 percent inflation rate, said Minister of Finance, Budget and National Planning, Zainab Ahmed.
She said the budget estimate is made up of N2.083 trillion capital expenditure, which she described as N29 per cent of the total.”
