FEC approves N13.08 Trillion for 2021 budget

01 Oct FEC approves N13.08 Trillion for 2021 budget

The Federal Executive Council has approved a N13.08 trillion budget for the 2021 fiscal year.

*The budget estimates a revenue of N7.9 trillion with a N4.48 trillion deficit and a capital expenditure of N2.083 trillion, representing about 29 per cent of the total budget.

*According to Finance Minister Ahmed, the budget proposal is predicated on N379 exchange rate to the dollar, an oil benchmark of $40 per barrel, oil production of 1.86 million barrels per day, including 400,000 barrels of condensate, Gross Domestic Product (GDP) growth of 3 per cent and 11.95 per cent inflation rate.

* On the performance of the 2020 budget she as at July for revenue accrued was 68 per cent, while its expenditure was 92 per cent.