Developing story: FEC approves N13.08 trillion 2021 Budget

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The Federal Executive Council (FEC) has approved N13.09 trillion budget estimate for 2021 fiscal year.

The approval was given on Wednesday at a meeting presided over by President Muhammadu Buhari in Abuja.

The budget proposal, as approved by FEC, is predicated on $379 exchange rate, oil benchmark of $40 barrel per day, oil production volume of 1.86 million per day, including 400,000 condensate, Gross Domestic Product (GDP) growth of three percent and 11.95 percent inflation rate.

Minister of Finance, Budget and National Planning, Zainab Ahmed said the budget estimate was made up of N2.083 trillion capital expenditure, representing 29 per cent of the total budget.

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