The Federal Executive Council (FEC) presided over by President Muhammadu Buhari has approved the proposed N13.09 trillion budget for the 2021 fiscal year.
Addressing journalists after the FEC meeting on Wednesday, the minister of finance, budget and national planning, Zainab Ahmed said the budget is 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 the minister, capital expenditure is estimated at N2.083 trillion, accounting for 29 per cent of the total budget. The budget targets three per cent GDP growth and 11.95 per cent inflation rate.
The minister who 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.
Providing an update on the performance of the 2020 budget, Ahmed said 68 per cent of the revenue target has been achieved.