THE Federal Executive Council, FEC on Wednesday approved a proposed budget estimate of N13.08 trillion for the 2021 fiscal year.
The fiscal document was approved at a meeting of the council which was presided over by President Muhammadu Buhari.
Zainab Ahmed, Minister of Finance, Budget and National Planning, disclosed this at State House at the end of the meeting, stating the budget proposal was based on N379 per dollar exchange rate, an oil benchmark of $40 barrel per day and oil production volume of 1.86 million per day.
She said that N2.083 trillion was earmarked as capital expenditure, which was about 29 percent of the aggregate budget size, while inflation is expected to be 11.95 percent.
Other indices projected to tune the 2021 Budget include oil production at 1.86 million barrels per day, including 400,000 barrels of condensate.
The Gross Domestic Product (GDP) growth target at 3 percent inflation target at 11.95 percent, while there will be a deficit of N4. 48 trillion.
The budget assumes oil production at 1.9 million barrels per day (bpd). Oil prices have recovered from a 20-year low of just under $16 per barrel hit in March.
Zainab was accompanied by Clement Agba, Minister of State for Budget and National Planning, Clement Agba, the Minister for Information and Culture Alhaji Lai Mohammed and Ben Akabueze, Director-General of the Budget Office, Ben Akabueze at the end of the virtual FEC meeting presided over by President Muhammadu Buhari at the Council Chambers, Presidential Villa, Abuja.