The Federal Government’s 2021 budget has projected a total aggregate expenditure of N11.86 trillion.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this while virtually presenting 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) held on Friday.
Ahmed said the aggregate projected revenue from available sources for 2021 would be N6.98 trillion while fiscal deficit was expected to be N5.16 trillion.
“The 2021-2023 MTEF&FSP is the pre-budget statement that provides the framework for the development of the 2021 budget. It is being framed against the backdrop of a challenging global macroeconomic environment as well as domestic factors. We aim to keep the deficit within the three per cent ceiling over the medium term and are therefore working on identifying new revenue sources and or cost of reduction,” Ahmed explained.
The projections are however not cast in stone as the National Assembly has in the past amended budgets sent to it by the executive.