The federal executive council (FEC) presided over by President Muhammadu Buhari has approved the proposed N13.09 trillion budget for the 2021 fiscal year.
Addressing journalists after the FEC meeting on Wednesday, Zainab Ahmed, the minister of finance, budget and national planning, said the budget is based on an exchange rate benchmark of N379/$ and crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel.
According to the minister, capital expenditure is estimated at N2.083 trillion, accounting for 29 percent of the total budget.
The budget targets 3 percent GDP growth and 11.95 percent 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 percent of the revenue target has been achieved.
According to Tolu Ogunlesi, the special assistant to the president on digital and new media, the 2021 budget will incorporate the budgets of 50 government-owned enterprises in addition to the 10 agencies that have already been incorporated.
This means that all their revenues and expenditure will be captured in the 2021 budget.