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 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.