2021 budget: Buhari, FEC approve N13.08tn

2021 budget: Buhari, FEC approve N13.08tn

- FEC members in a meeting convened by President Muhammadu Buhari have proposed N13.08 trillion as the 2021 budget

- This was revealed by the minister of finance, Zainab Ahmed, in Abuja on Wednesday, September 30

- The minister also disclosed that the projected capital expenditure for the year is N2.083 trillion

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In a meeting presided over by President Muhammadu Buhari, the Federal Executive Council (FEC) projected the sum of N13.08 trillion as the financial budget for 2021.

This decision was revealed to State House correspondents in Abuja on Wednesday, September 30, by Zainab Ahmed, the minister of finance, budget and national planning.

2021 budget: Buhari, FEC approve N13.08tn

President Buhari in a FEC meeting (Photo credit: Babafemi Oretuyi)
Source: Twitter

Apart from telling journalist the projected capital expenditure for 2021 is projected at N2.083 trillion, the minister also disclosed that the oil benchmark has been fixed at $40 per barrel, The Nation reports.

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Moreover, she noted that part of the decision of the FEC in line with the proposed budget is oil production at 1.86 million barrels per day, including 400,000 barrels of condensate; Gross Domestic Product (GDP) growth target at 3%; inflation target at 11.95%; and foreign exchange set at N379 to one dollar.

Meanwhile, during the weekly FEC meeting held on Wednesday, September 30, in Abuja, President Buhari swore in four newly appointed permanent secretaries.

The new appointees were James Sule, Ismaila Abubakar, Ibiene Patricia Roberts and Shehu Aliyu Shinkafi.

The permanent secretaries completed the list of 16 persons appointed earlier, 12 of whom were sworn in in August.

Those who virtually attended the FEC meeting included Vice President Yemi Osinbajo, Secretary to the Government of the Federation (SGF), Boss Mustapha, the chief of staff to the president, Professor Ibrahim Gambari and National Security Adviser (NSA), Major General Babagana Monguno.

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Ministers present at the meeting were Attorney-General (AGF) and the minister for justice, Abubakar Malami, Zainab Ahmed, the minister of information and culture, Alhaji Lai Mohammed, and the minister of state for budget and national planning, Clement Agba.

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