The Federal Executive Council has approved the sum of N13.08 trillion as the budget estimate for the 2021 fiscal year.
Zainab Ahmed, Minister of Finance, Budget and National Planning, disclosed this to State House correspondents at the end of the FEC meeting at the Presidential Villa, Abuja, on Wednesday.
According to Ahmed, the budget proposal is predicated on N379 per dollar exchange rate; oil benchmark of $40 barrel per day; and oil production volume of 1.86 million per day.
She explained that the capital expenditure is estimated at N2.083 trillion, accounting for 29 per cent of the total budget.
The budget, she said, targets three per cent GDP growth and 11.95 per cent inflation rate.
The minister who said the project would run on N4.48 trillion deficit with a revenue target of N7.9 trillion.
The budget is expected to be presented to the national assembly in October.
Providing an update on the performance of the 2020 budget, Ahmed said 68 per cent of the revenue target has been achieved.
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