FEC approves N13.8 trillion as budget estimate for 2021

A total of N13.08trn has been approved by the Federal Executive Council as a budget estimate for the 2021 fiscal year.

The fiscal document was approved at a meeting of the council on Wednesday presided over by President Muhammadu Buhari.

Zainab Ahmed, the Minister of Finance, Budget, and National Planning, who disclosed this to State House correspondents at the end of the meeting said 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.