Finance Minister Zainab Ahmed

The Federal Executive Council (FEC) on Wednesday approved N13.09 trillion budget estimate for 2021 fiscal year.

The approval was given at a meeting presided over by President Muhammadu Buhari in Abuja.

The FEC budget proposal which is expected to be submitted to the National Assembly next week for consideration and approval, is predicated on $379 exchange rate, oil benchmark of $40 barrel per day, oil production volume of 1.86 million per day and 400,000 condensate.

It is also based on Gross Domestic Product (GDP) growth of three percent and 11.95 percent inflation rate.

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said the budget estimate is made up of N2.083 trillion capital expenditure, representing 29 per cent of the total budget.

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