The federal executive council on Wednesday approved N13.08 trillion budget proposal for the 2021 fiscal year.
The minister of finance, budget and national planning, Mrs. Zainab Ahmed, who disclosed this after the meeting in Abuja, said the budget estimate was made up of N2.083 trillion capital expenditure, about 29 per cent of the total budget.
The Minister, who was accompanied by minister of state for budget and national planning, Mr. Clement Agba; the minister for information and culture Mr. Lai Mohammed and the director general of the budget office, Mr. Ben Akabueze, also said the budget proposal was predicated on N379/$ exchange rate, oil benchmark of $40 per barrel, oil production volume of 1.86 million barrels per day, including 400,000 condensate, gross domestic product growth of three per cent and 11.95 per cent inflation rate.
The minister said the budget, would run on N4.48 trillion deficit and put the revenue target in the fiscal year at N7.9 trillion.
