The Federal Executive Council, FEC, on Wednesday, approved N13.08 trillion budget proposal for the 2021 fiscal year.
Crude oil benchmark is Pegged at $40 per barrel, exchange rate at N379 per dollar. The country estimated oil production for the coming year is 1.86 million barrel per day including 400 thousand condensate as approved by the Organization of Petroleum Exporting Countries, OPEC
The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, disclosed this at the end of the virtual FEC meeting presided over by President Muhammadu Buhari at the Council Chambers, Presidential Villa, Abuja.
Ahmed 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.
The Minister said that the growth rate of Gross Domestic Product is expected at three percent, while there will be a deficit of N4. 48 trillion.