Buhari proposes N13.08trn budget for 2021 fiscal year

President Muhammadu Buhari has made a budget proposal of N13.08 trillion for the 2021 fiscal year. This was approved by the Federal Executive Council (FEC) on Wednesday at the FEC meeting in Abuja. the budget proposal is expected to be presented to the joint session of the National Assembly as soon as the president picks a date with the federal lawmakers.

The Minister for Finance, Budget, and National Planning, Zainab Ahmed, after the FEC meeting on Wednesday presided by President Muhammadu Buhari, gave a brief highlight on the budget.

She indicated that the oil benchmark is pegged at $40 per barrel; while the projected Capital Expenditure for the year is N2.083 trillion.

According to the minister, “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.”