In order to prevent delay in budget passage at the National Assembly, the Federal Executive Council (FEC) has approved over N13 trillion for the 2021 fiscal year.
A breakdown of the over N13 trillion proposed budget for next year showed that N2.083 trillion, accounting for 29 percent of the total budget, has been allocated by the government for capital expenditure.
Addressing newsmen after the FEC meeting presided over by President Muhammadu Buhari, on Wednesday in Abuja, Minister of finance, budget and national planning, Zainab Ahmed, said that the government expected that would be 11.95 percent inflation rate in the country.
Ahmed further explained that the budget was based on an exchange rate benchmark at N379 per United State dollar and with a crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel.
In the budget which was expected to be presented to the national assembly next month, the minister disclosed that the government prepared it with a target that 3 percent Gross Domestic Product (GDP) growth rate would be realised.
When asked if the three percent estimated growth was realistic considering the impact of COVID-19 on world economies, the Minister responded that the policies put in place to ensure inclusive growth while stimulating the economy should produce the desired results.