FEC okays N13.08tn 2021 budget estimate

08tn for the 2021 fiscal year.

The minister said the budget proposal was predicated on $379 exchange rate, oil benchmark of $40 barrel per day and oil production volume of 1.86 million per day. 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 three per cent; and five, inflation rate of 11.95 per cent.

“Also, the CBN is an autonomous body. Only those two are excluded, 60 government-owned enterprises included. That is to say their revenue and all categories of expenditure are now integrated in the budget. Ahmed explained that the 1.86 million barrels per day crude oil production includes 400,000 condensates.

She added, “The performance of the FGN budget as of July, for revenue, was 68 per cent. We had a 68 per cent revenue performance prorated to July.

FEC or FAKE ? Only figure. Despite d huge amount, we are still having poor security, epileptic power supply etc

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Trillion oooooo

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