JUST IN: FEC approves N13.08tr 2021 budget estimate

The Federal Executive Council (FEC) has approved a budget estimate of N13.08 trillion for the 2021 fiscal year.

The fiscal document was approved at a meeting of the council on Wednesday presided over by the President Muhammadu Buhari.

Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this to State House correspondents at the end of the meeting.

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The minister said the budget proposal is predicated on N379 per dollar exchange rate; oil benchmark of $40 barrel per day; and oil production volume of 1.86 million per day.

Details later…