FG cuts 2020 budget by N318bn to N10.3trn

The Federal Government has slashed the 2020 budget by N318 billion and sent it to the National Assembly. The government reduced the estimate from N10.594 trillion to N10.276 trillion.

The President Muhammadu Buhari led-administration also reduced the oil benchmark from $57 per barrel to $30 per barrel, as the oil production volume was dropped from 2.17 million barrel to 1.70 million barrel. The exchange rate was increased from N305 to N360 per dollar.

Reports also have it that capital projects across ministries, departments and agencies were reduced by 20per cent and pegged at N312.82 billion.

Meanwhile, the leadership of the National Assembly, Minister of Finance, Zainab Ahmed, and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari had met today.

Shortly after the meeting, the Senate President, Ahmad Lawan took to his Twitter handle narrating what happened at the closed-door meeting.

He explained that the National Assembly leadership was presented with all the facts regarding the current situation on Nigeria’s crude oil and the amendment being contemplated as regards the MTEF and 2020 budget.

Lawan said, “At the heart of all these facts is the various intervention initiatives of the Federal Government to mitigate the impact of the Coronavirus pandemic on Nigeria.