The Federal Executive Council (FEC) has approved a budget estimate of N13.08trn for the 2021 fiscal year.

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The fiscal document was approved at a meeting of the council on Wednesday presided over by President Muhammadu Buhari.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this to State House correspondents at the end of the meeting.

The Minister said the budget proposal is predicated on N379 per dollar exchange rate; oil benchmark of $40 barrel per day; and oil production volume of 1.86 million per day.

Ahmed explained that the total budget proposal that is made for 2021 is to enable the country to attain a more inclusive growth and also to achieve the key objectives of the government.

The objectives, she said, included stimulating the economy, creating jobs, enhancing growth, creating infrastructural investment and also promoting manufacturing and local production.

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The minister said, “The budget assumptions that were presented to the council today include, one; crude oil price benchmark at $40 per barrel. Two, oil production at 1.86 million barrels per day. Three, exchange rate of N379 to $1. Four, Gross Domestic Product growth target of 3%; and five, inflation rate of 11.95%.

“We do expect that Nigeria’s economy will recover to the path of growth early in 2021, so the total aggregate revenue that is projected for the 2021 Budget is N7.89trn and what is unique about the 2021 Budget is that we have brought in the budgets of 60 government-owned enterprises. If you recall, in 2020 we brought in 10, now we have brought in 60.”