The Federal Executive Council (FEC) presided over by President Muhammadu Buhari on Wednesday approved N13.09 trillion budget estimate for 2021 fiscal year.
The budget proposal is predicated on $379 exchange rate, oil benchmark of $40 barrel per day, oil production volume of 1.86 million per day, including 400,000 condensate, Gross Domestic Product (GDP) growth of three percent and 11.95 percent inflation rate, said Minister of Finance, Budget and National Planning, Zainab Ahmed.
She said the budget estimate is made up of N2.083 trillion capital expenditure, which she described as N29 per cent of the total budget.
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