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FEC okays N13.08trn 2021 budget estimate

THE Federal Executive Council, FEC, on Wednesday, approved a budget proposal of N13.08 trillion for the 2021 fiscal year.

The Council also pegged the oil benchmark at $40 per barrel, the exchange rate at N379 per dollar and 1.86 million barrel per day including 400,000 condensate as approved by the Organisation of Petroleum Exporting Countries, OPEC.

The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, disclosed this while briefing newsmen at the end of the virtual FEC meeting presided over by President Muhammadu Buhari, at the Council Chambers, Presidential Villa, Abuja.

In the 2021 budget, she said, 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.

She added that 68 percent of the revenue target had been achieved.

The 2021 budget, expected to be presented to the National Assembly in October, is expected to capture the revenue and expenditure of 50 government-owned enterprises and 10 agencies already incorporated

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