The Federal Government has projected an aggregate expenditure of N11.86 trillion for 2021.
The Minister of Finance, Budget and National Planning, Mrs 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,” she explained.
The minister noted that the 2021-2023 draft had been prepared against the backdrop of heightened global economic uncertainty.
She added that the draft showed that there were continuing global challenges due to COVID-19 pandemic.
According to her, the medium-term outlook for the country suggested that the fiscal risks are somewhat elevated, largely due to COVID-19 related disruptions.
She added that this development had exacerbated structural weakness in the economy.
On revised budget, Ahmed pledged government’s commitment to accelerate implementation to maintain the estimate process credibility, enhance Gross Domestic Product (GDP) growth and promote social inclusion.