The Federal Executive Council (FEC) has approved the proposed N13.09 trillion budget for the 2021 fiscal year.
While addressing journalists after the FEC meeting on Wednesday, the minister of finance, budget, and national planning, Zainab Ahmed, disclosed that the budget is based on an exchange rate benchmark of N379/$ and crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel.
She noted that the capital expenditure is estimated at N2.083 trillion, accounting for 29 percent of the total budget.
The budget targets 3 percent GDP growth and 11.95 percent inflation rate.
Zainab also stated that the project would run on N4.48 trillion deficit with a revenue target of N7.9 trillion.
Providing an update on the performance of the 2020 budget, the minister stated that 68 percent of the revenue target has been achieved.
The budget is will be presented to the national assembly in October.
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