BREAKING: FG pegs oil price at $40 in 2021, in N13.08trillion

By Editor on 30/09/2020

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FEC

The Federal will spend a total of N13.08 trillion in 2021 going by the approval given by the Federal Executive Council (FEC) after a meeting of the highest government body in Nigeria, on Wednesday, at the Presidential Villa, Abuja.

Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed, told State House Correspondents after the weekly virtual FEC meeting presided over by President Muhammadu Buhari, part of the budget is that the benchmark for oil Nigeria’s main revenue earner, has been pegged at $40 per barrel.

The Minister, who was accompanied by Minister of State for Budget and National Planning, Clement Agba; the Minister for Information and Culture Alhaji Lai Mohammed and the Director-General of the Budget Office, Mr Ben Akabueze, also said the projected Capital Expenditure for the year is projected at N2.083 trillion.

Other indices projected to tune the 2021 Budget include oil production at 1.86 million barrels per day, including 400,000 barrels of condensate; Gross Domestic Product (GDP) growth target at 3%; inflation target at 11.95%; and foreign exchange set at N379 to one dollar

 

 

Source Whirlwindnews.com

Posted on September, 30 2020

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