The virtual weekly meeting of the Federal Executive Council is holding one of its longest sessions as members discuss the final draft of the 2021 budget proposal.
Minister of State for Science and Technology, Mohammed Hassan Abdullahi in a tweet says “Today I attended @GovNigeria 17th vFEC meeting presided by HE @MBuhari of @NGRPresident … It’s a one- single Agenda meeting to discuss 2021 Appropriations”.
The draft estimates are to be statutorily approved by the Council before presentation to the joint session of the National Assembly by President Muhammadu Buhari next week.
Members of the Council on July 16, 2020 approved the N12.66 trillion budget projection as they authorised the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for submission to the National Assembly as provided by the Fiscal Responsibility Act.
The parametres approved for the budget proposal
include the $40 per barrel oil benchmark, oil production output of 1.6 million barrel per day, inflation rate of 11.9%, projected gross domestic growth (GDP) rate of 3% and revenue target of N7.50 trillion with a deficit of over N5 trillion. There are however likely to be some adjustments following the impact of Covid-19 on the inflation and GDP rates as published by the National Bureau of Statistics (NBS) in the outgoing month.
It is not clear how many hours the meeting will hold this Wednesday but in previous years, the Council had to hold special sessions outside the weekly meeting to complete discussions on the budget estimates and approve same for the President to lay before the National Assembly.
The Minister of Finance, Budget and National Planning, Zainab Ahmed and her Minister of State counterpart, Clement Agba will be led by the Minister of Information and Culture, Lai Mohammed to address the media after the Council meeting.
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