Key Takeaways from Nigeria’s N13.08trn Proposed Budget for 2021

Nigeria’s Federal government has proposed a budget of N13.08 trillion for the 2021 fiscal year, with an embedded deficit of N4.48 trillion.

Key Takeaways
The government is incorporating the budget of 50 State owned enterprises (SOEs) into the 2021 budget.

Already, revenue estimates from 10 of such enterprises were incorporated into the into the 2020 budget.

The oil benchmark price for Nigeria’s 2021 budget is set at $40 per barrel, while a production target of 1.86 million barrels of crude oil per day is envisioned, including 400,000 barrels of condensate.

The GDP Growth target is 3 percent, foreign exchange rate in the budget is set at N379/ dollar, while the inflation rate is benchmarked at 11.95 percent.