FEC proposes N13.08trn budget for 2021


On Wednesday, the Federal Executive Council approved N13,08 trillion for 2021 for its budget plan. At a meeting with the FEC, at the end of the simulated session, the Council also required the petroleum standard to be set at $40 per barrel, the exchange rate at N379 for dollars, and 1.86 million barrels per day, which includes 400 thousand condensates as agreed by the Organization of Petroleum Exporting Countries (OPEC). In the 2021 budget, she said that N2,083 trillion was expended on capital expenditures, which was around 29 percent of the total budget value, with inflation projected to be about 11.95 percent. ALSO READ: Delta is raising suspicions about a deficit in its payment of 13 percent of the oil drawdown.


The Minister said Gross Domestic Product growth is projected to be 3% while the N4m deficit is projected. 48 billion. 48 billion. She added that the sales goal had been exceeded by 68 percent. The 2021 budget, which is scheduled for submission in October to the National Assembly, should cover the revenue and expenditures of 50 government-owned corporations and ten currently incorporated entities.