The Nigerian Federal Executive Council has approved a budget estimate of N13.08tn for the 2021 fiscal year.
The fiscal document was approved at a meeting of the council on Wednesday presided over by President Muhammadu Buhari.
Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this to State House correspondents at the end of the meeting.
Ahmed said the budget proposal was predicated on N379 per dollar exchange rate, oil benchmark of $40 barrel per day and oil production volume of 1.86m per day.
The estimate is the highest ever for the country, as it surpassed the 2020 budget with over N2tn.
Recall that on June 11, 2020, Buhari signed into law the revised N10.8tn budget for the year.
