FG Cuts Down 2020 Budget

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Finance, Budget and National Planning Minister, Mrs. Zainab Ahmed

The federal government has cut down the 2020 budget as a result of the Coronavirus pandemic in Nigeria.

In a revised proposal sent to the National Assembly by the federal government, the 2020 budget was reduced from N10.594 trillion to N10.276 trillion.

The oil benchmark has been reduced from $57 per barrel to $30 per barrel, while the oil production volume was reduced from 2.17 million barrel to 1.70 million barrel.

According to the Nation report, the exchange rate was also increased from N305 to N360 to a dollar.

 

 

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