Buhari approves revised national Budget 2020

Alexander Davis | ConsumerConnect

Nigeria’s Federal Executive Council (FEC) has approved the revised Medium Term Expenditure Framework (MTEF) and the Federal Budget 2020.

It was learnt that the revised estimates are based on $25 per barrel of crude oil at a production rate of 1.94 million barrels per day in the economy.

Recall that President Muhammadu Buhari signed the 2020 Appropriation Act into law at the State House in Abuja, FCT, December 17, 2019.

Earlier, Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Panning, had hinted that the government would make the revision based on declining international oil prices and the impact of the Coronavirus (COVID-19) pandemic.

Mrs. Ahmed informed told Reuters that the Federal Government would drop the oil benchmark from the initial $57 per barrel to $30.