The Federal Executive Council (FEC) has projected a N13.08 trillion budget for the 2021 fiscal year.
Disclosing this to newsmen after the weekly virtual FEC meeting presided over by President Muhammadu Buhari, the Minister for Finance, Budget and National Planning, Zainab Ahmed, also said the oil benchmark has been pegged at $40 per barrel.
The Minister, who was accompanied by Minister of State for Budget and National Planning, Clement Agba; the Minister for Information and Culture, Lai Mohammed and the Director-General of the Budget Office, Ben Akabueze, also said that the projected capital expenditure for the year is N2.083 trillion.
Oil production was projected 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.
