21.1 C

FEC approves proposed N13.08trn budget for 2021


1min read

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.

- Advertisement -

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.

Amos Abba is a journalist with the International Center for Investigative Reporting, ICIR, who believes that courageous investigative reporting is the key to social justice and accountability in the society.

- Advertisement -
- Advertisement -

If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

We need your support to produce excellent journalism at all times.


Salaries, costs of running offices gulp 73% of Nigeria’s 2022 health budget

PAYMENT of workers' salaries, training of staff, cost of running offices and related matters...

Publish transition plan for PIA to avoid repeat of power privatisation mistakes, experts tell FG

ENERGY analysts have challenged the Federal Government to go beyond the scrapping of some...

Turkish president will ask Buhari to shut down Nile University, NTIC, others during visit to Nigeria

TURKISH President Recep Tayyip Erdoğan would again ask the Nigerian government to close down...

How women group constructs road in Abuja community to ease movement

By Ekpali SAINT AT about 5:30 p.m. on  Friday of May 2019, Khadijat Yunusa was...

Centre decries spike in cholera outbreak, tasks FG on urgent solutions

THE Centre for Environmental Sustainability and Development Awareness (CESDA), on Tuesday, asked the Federal...

Most Read


Subscribe to our newsletter