- Set Oil Benchmark At $40bpd, Exchange Rate At $379
- Proposes N2Trn For Capital Expenditure
By Gbenga Abulude (Politics & General Desk)
President Muhammadu Buhari on Wednesday approved a budget estimate of N13.08 trillion for the 2021 fiscal year.
Speaking after Federal Executive Council (FEC) meeting presided over by the President, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said the budget estimate is made up of N2.083 trillion capital expenditure, which she described as 29% of the total budget.
Ahmed said the budget proposal is based on the $379 exchange rate, oil benchmark of $40 barrel per day.
Other indices on which the budget is predicated on include oil production volume of 1.86 million per day, 400,000 condensate, Gross Domestic Product (GDP) growth of 3% and 11.95 percent inflation rate.
The minister who said the budget would run on N4.48 trillion deficit, put the revenue target in the fiscal year at N7.9 trillion.
Ahmed also disclosed the first-half performance of this year’s budget hit 68% of revenues while 92.3% was spent on salaries, pensions, debt service and statutory
Recall that the National Assembly passed a revised budget of N10.8 trillion in June after the Federal Executive Council (FEC) approved a revised budget of N10.523trillion in May, which was signed by President Muhammadu Buhari.
