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...

President Muhammadu Buhari has said it will be “grossly irresponsible” to borrow to subsidize electricity tariffs during the economic crunch caused by the lockdown occasioned by the COVID-19 pandemic. He also said that the Revised 2020 budget has no provision for fuel subsidy, noting that about ₦1.7trn has been spent on tariff shortfalls to support the electricity sector since its privatization. Remember that the increase in fuel price and electricity tariff has caused alarm in...