Breaking: Fed Gov reduces 2020 budget due to Covid-19

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President Buhari

The Federal Government of Nigeria has sent new budget proposal to the National Assembly for consideration in view of global economic realities as a result of the COVID-19- pandemic.

The new proposal which is being considered by the National Assembly, reduced the 2020 estimate from. N10.594 trillion to N10.276 trillion.

It also reduces the oil bench mark 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.

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The exchange rate increased from N305 to N360 to a dollar.

More on this shortly.

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