Estimated Reading Time: 1
The Federal Executive Council meeting ended on Wednesday with a budget estimate of N13.08trn projected for the 2021 fiscal year.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this to journalists at the Presidential Villa.
The breakdown of the proposed budget is N13.08 trillion total aggregate; expenditure (29% Capex), with a deficit of N4.48 trillion; FX: N379/$; and GDP growth targeted at 3%.
When asked by newsmen, if the three percent estimated growth was realistic considering the impact of COVID-19 on world economies, the Minister of Finance responded that the policies put in place to ensure inclusive growth while stimulating the economy should produce the desired results
President Muhammadu Buhari is expected to present the budget to the National Assembly with a deficit of N4.48 trillion, while oil production rate is pegged at 1.86 million barrel per day with the oil benchmark standing at $40 per barrel.
The Federal Government is also targeting the inflation rate at 11.96 percent.
kindly donate to the work we do using our interim PAYPAL https://www.paypal.me/NewsWireNGR
- Return stolen property in 72 hours or face prosecution; Osun Governor warns looters
- South-West Governors, ministers visit Sanwo-Olu to sympathise
- Breaking: NECO suspends ongoing examination indefinitely
- Cross River Governor, Ayade orders police to carry out house-to-house search for looted properties
- Breaking: Lets us pray for Nigeria – Pope Francis begs christians
- Niger Delta militants threaten mayhem; roll out 11-point demand
- Food looted from Kaduna warehouses are poisonous; The state government warns
- Looted Palliatives: It is now clear that Buhari is not Nigeria’s problem; says Zahra Buhari-Indimi
- Citizens are targeting their perceived oppressors – Donald Duke
- Soldiers forced medical doctor to swim inside muddy water at gunpoint