The Federal Executive Council (FEC), has approved the N13.08 trillion budget for the 2021 fiscal year.
The Minister for Finance, Budget, and National Planning, Zainab Ahmed, made the announcement after the weekly FEC meeting presided over by President Muhammadu Buhari.
Ahmed said that the oil benchmark has been pegged at $40 per barrel.
She also stated that the projected Capital Expenditure for the year is projected at N2.083 trillion.
“Other indices projected to tune the 2021 Budget include oil production at 1.86 million barrels per day, including 400,000 barrels of condensate; Gross Domestic Product (GDP) growth target at 3%; inflation target at 11.95%; and foreign exchange set at N379 to one dollar,” she said.
The Finance Minister was accompanied by the Minister of State for Budget and National Planning, Clement Agba; the Minister for Information and Culture Alhaji Lai Mohammed, and the Director-General of the Budget Office, Ben Akabueze.