The federal government has proposed N12.6 trillion as aggregate budget for the 2021 fiscal year.
The proposals were contained in the 2021- 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper , forwarded to the Senate by President Muhamnadu Buhari for approval on Tuesday. It targets 1.86 million barrels as oil production per day while the exchange rate was pegged at N360 to a dollar. Inflation was fixed at 11.9 percent.Also included in the proposals are N500 billion intervention fund against COVID-19 pandemic, N52 billion for public works programme, N32.5 billion for social intervention programme, N5 billion as bailout for the aviation sector and N60 billion for maintenance of roads through direct labour across the six geo-political zones.
In the letter accompanying the document, the president said he is sending the proposal early so the federal lawmakers would have enough time to review it.