President Muhammadu Buhari, presenting 2020 Appropriation Estimates to the National Assembly in 2019.

Nigeria slashes Budget 2020 by over N300bn

Isola Moses | ConsumerConnect

Sequel to the continued drop in crude prices in the international oil market, and the prevailing global economic realities as of now, the Nigerian Government has cut Federal Budget 2020 from initial N10.594 trillion to N10.276 trillion.

It was learnt that the adjusted budget estimate is contained in the new budget proposal that the Federal Government sent to the National Assembly (NASS), in Abuja, FCT, for consideration Wednesday, April 8.

As regards the new proposal, report says the budget cut became necessary in view of global economic realities as a result of the Coronavirus pandemic.

The government also cut the crude oil benchmark from $57 per barrel to $30 per barrel, as the oil production volume was reduced from 2.17 million barrel to 1.70 million barrel.

Likewise, the foreign exchange (Forex) rate was increased from N305 to N360 per US Dollar.[do_widget id=heateor_sss_sharing-2]