• Friday, May 24, 2024
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BusinessDay

2021 budget tops agenda, as President Buhari presides over 12th virtual FEC

FEC approves award of 16 power contracts

The federal government today continues deliberations on the 2021 budget at the  Federal Executive Council (FEC).

The government is proposing a budget of  N12.6T for the 2021 fiscal year,  according to a circular from the budget office sent to Ministries, Departments and Agencies MDAs, earlier in the week.

The Ministries of Finance, Budget, and National Planning, Zainab Ahmed, is expected to lead other Cabinet members to brief on projections, including those for the revenue put at  N7.498 trillion, with the aggregate expenditure also projected at  N12.658 trillion.

Businessday gathered that the projections, which are in accordance with its 2021-2023 Medium-Term Expenditure Framework and Fiscal Strategy Paper, include expenditures for Statutory Transfers of N481.41 billion, Debt Service of N3.124 trillion, Sinking Fund of N220 billion, Recurrent (non-debt) expenditure of N5.746 trillion and Capital expenditure (exclusive of capital in Statutory Transfers) of N3.086 trillion.

Other Ministers who are expected to make presentations include those of Mines and Steel Development and the Federal Capital Territory.

READ ALSO: Buhari swears in 12 Permanent Secs, presides over 13th virtual FEC

Those attending the Virtual FEC include Vice-President Yemi Osinbajo, Secretary to the Government of the Federation, Boss Mustapha; the Chief of Staff to the President, Ibrahim Gambari as well as the National Security Adviser to the President, Babagana Mongonu, retired Major General.

The six Ministers who are physically present include Ministers of Finance, Budget and National Planning, Hajiya Zainab Ahmed; Mines and Steel Development, Sen. Olamilekan Adegbite, and the Attorney General and Minister of Justice, Abubakar Malami, joined President Buhari at the Council Chamber for the meeting.

Others at the chamber are the Ministers of Information and Culture, Alhaji Lai Mohammed; Works and Housing, Babatunde Fashola, and FCT, Muhammed Bello.

Other Ministers are expected to participate from their respective offices