The Federal Executive Council (FEC) presided over by President Muhammadu Buhari on Wednesday approved N13.09 trillion budget estimate for 2021 fiscal year.

Briefing State House Correspondents after the meeting, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the budget estimate is made up of N2.083 trillion capital expenditure, which she described as N29 per cent of the total budget.

According to her, the budget proposal is predicated on $379 exchange rate, oil benchmark of $40 barrel per day, oil production volume of 1.86 million per day, including 400,000 condensate, Gross Domestic Product (GDP) growth of three percent and 11.95 percent inflation rate.

The minister who said the project would run on N4.48 trillion deficit, put the revenue target in the fiscal year at N7.9 trillion.