SAN FRANCISCO, September 30, (THEWILL) – The Federal Executive Council (FEC), has approved N13.08 trillion budget for the 2021 fiscal year.
The Minister for Finance, Budget, and National Planning, Zainab Ahmed, disclosed the approval of the estimate after the weekly FEC meeting. She added that that the oil benchmark has been pegged at $40 per barrel.
Ahmed also said that the Capital Expenditure for the year is projected at N2.083 trillion. “Other indices projected to tune the 2021 Budget include oil production at 1.86 million barrels per day, including 400,000 barrels of condensate; Gross Domestic Product (GDP) growth target at 3%; inflation target at 11.95%; and foreign exchange set at N379 to one dollar,” she said
The Finance Minister was accompanied by the Minister of State for Budget and National Planning, Clement Agba; the Minister for Information and Culture Alhaji Lai Mohammed, and the Director-General of the Budget Office, Ben Akabueze.
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