FEC approves proposed N13.08trn 2021 budget

President Muhammadu Buhari has approved the proposed N13.09 trillion budget for the 2021 fiscal year.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, who confirmed this, after the FEC meeting on Wednesday, said the budget was based on an exchange rate benchmark of N379/$ and crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel.
According to her, capital expenditure is estimated at N2.083 trillion, accounting for 29 percent of the total budget.

The budget targets three per cent GDP growth and 11.95 per cent inflation rate.
The minister said the project would run on N4.48 trillion deficit with a revenue target of N7.9 trillion.
The budget is expected to be presented to the National Assembly in October.
Ahmed also said 68 per cent of the 2020 revenue target had been achieved.

According to Tolu Ogunlesi, the special assistant to the president on digital and new media, the 2021 budget will incorporate the budgets of 50 government-owned enterprises in addition to the 10 agencies that have already been incorporated.

This means that all their revenues and expenditure will be captured in the 2021 budget.