The Federal Executive Council (FEC) presided over by President Muhammadu Buhari on Wednesday approved N13.09 trillion budget estimate for 2021 fiscal year.
Briefing State House Correspondents after the meeting, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the budget estimate is made up of N2.083 trillion capital expenditure, which she described as N29 per cent of the total budget.
According to her, the budget proposal is predicated on N379 per Dollar exchange rate, oil benchmark of $40 per barrel, oil production volume of 1.86 million barrels per day, including 400,000 condensate, Gross Domestic Product (GDP) growth of three percent and 11.95 percent inflation rate.
The President is expected to present the budget estimates for the 2021 fiscal year to a joint session of the upper and lower chambers of the National Assembly next week.
This was made known by the Senate President, Ahmad Lawan, during the resumption of plenary on Tuesday, September 29, 2020; two months after lawmakers went on recess.
Lawan also said that the National Assembly will provide a one-month window for ministries, departments and agencies (MDA) to defend their budget estimates before the relevant legislative committees.
He added that November and December will be dedicated to the internal processing of the budget.
