By Johnbosco Agbakwuru
ABUJA—The Federal Executive Council, FEC, on Wednesday, approved a budget proposal of N13.08 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 that N2.083 trillion was earmarked as capital expenditure, which was about 29 percent of the aggregate budget size, while inflation is expected to be 11.95 percent.
The Minister said that the growth rate of Gross Domestic Product is expected at three percent, while there will be a deficit of N4. 48 trillion.
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