The Federal Executive Council (FEC) has finalized the proposal of a N13.08tr budget estimate for the 2021 fiscal year.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this to journalists on Wednesday after the weekly Federal Executive Council meeting at the Presidential Villa.
The breakdown of the proposed budget puts expenditure at 29% Capex, with a deficit of N4.48 trillion; FX: N379/$; and GDP growth targeted at 3%.
The Federal Government also targets inflation rate at 11.96 percent.
On the three percent estimated growth amid the impact of COVID-19 on world economies, the Minister of Finance said the policies put in place to ensure inclusive growth while stimulating the economy should produce the desired results
President Muhammadu Buhari is expected to present the budget to the National Assembly with a deficit of N4.48 trillion, while oil production rate is pegged at 1.86 million barrel per day with the oil benchmark standing at $40 per barrel.
According to the special assistant to the president on digital and new media, Tolu Ogunlesi, the 2021 budget will incorporate the budgets of 50 government-owned enterprises in addition to the 10 agencies that have already been incorporated.
This means that all their revenues and expenditure will be captured in the 2021 budget.