By Helen Moghalu (Group Business Editor)
Nigeria's Federal Executive Council (FEC), at its Wednesday weekly meeting, approved N13.08 trillion budget for the 2021 fiscal year.
The Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this while briefing the State House Correspondents shortly after the virtual conclave of FEC presided over by President Muhammadu Buhari on Wednesday. She said the oil benchmark has been pegged at $40 per barrel and that the projected Capital Expenditure for the 2021 year is also projected at N2.083 trillion. Other Ministers who accompanied the Finance Minister during the briefing are: 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, Mr Ben Akabueze.
However, there are other indices projected to tune the 2021 Budget, which include oil production at 1.86 million barrels per day, 400,000 barrels of condensate; Gross Domestic Product (GDP) growth target at 3% and inflation target at 11%. NNL.