Nigeria’s Federal Government Reduces 2020 Budget

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The Federal Government 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 as reported by The Nation, which is currently being considered by the National Assembly, reduces the 2020 estimate from. N10.594 trillion to N10.276 trillion.It also cuts 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.

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

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