FEC Okays Projected N12.66trn Budget For 2021

The Federal Executive Council (FEC) has approved a projected budget of N12.66 trillion for 2021.

The virtual council presided over by President Muhammadu Buhari at the presidential villa, Abuja on Wednesday, considered the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

The MTEF is based on a benchmark of $40 per barrel of crude oil, 1.86 barrel production per day, an exchange rate of N370 to one dollar and Inflation 11.95 per cent.