The Federal Government of Nigeria has slashed the 2020 budget from N10.594 trillion to N10.276 trillion in view of global economic decline as a result of the COVID-19 pandemic.
The amended budget has been sent to the National Assembly for consideration.
In the budget the oil benchmark was also reduced from 57 dollars per barrel to 30 dollars per barrel, while the oil production volume was reduced from 2.17 million barrel to 1.70 million barrel and the exchange rate increased from N305 to a dollar to N360 to a dollar.
More to follow…
