FEC proposes N13.08trn for 2021


Pres. Buhari presides over a VFEC Meeting0008…Pegs oil benchmark at $40

…Oil Production at 1.86m

…Exchange rate at N379/$

…GDP growth target 3%

…11.95% inflation target

By Johnbosco Agbakwuru

THE Federal Executive Council, FEC, on Wednesday approved a budget proposal of N13. O8 trillion for the 2021 fiscal year.

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

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

She said about 29 percent of the aggregate budget size was budgeted for Capital Expenditure, while inflation is expected to be 11.95 percent.

The Minister said that the growth rate of Gross Domestic Product is expected…

Source: Vanguard Newspaper