The approval was given at a virtual meeting of the council presided over by President Muhammadu Buhari.

This was revealed by the Minister of State for Finance, Budget and National Planning, Mr Clement Agba at the end of the meeting.

Agba listed other projections in the budget to include $40 per barrel oil benchmark, oil production volume of 1.6 million barrel per day, inflation rate of 11.9 per cent, projected gross domestic growth rate of three percent and revenue target of N7.50 trillion.