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FEC okays projected N12.66trn budget for 2021

Adeoye Faith
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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.

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