Coronavirus: FG Slashes 2020 Budget Significantly

By
KOKO
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Buhari
The federal government of Nigeria has reduced the 2020 budget due to the social and economic impact the deadly Coronavirus pandemic has caused the country’s economic activities.

In a new budget proposal sent to the National Assembly by the Federal Government of Nigeria, the budget has been reduced from 10.594 trillion to 10.276 trillion.

The new oil benchmark has been reduced from $57 per barrel to $30 per barrel, while the Country’s oil production has taken a dip to from 2.17 million barrel to 1.70 million barrel. Earlier today the NNPC director-general Mele Kyari noted that the demand for Nigeria’s oil internationally had dropped significantly to 6.8m barrel per day.

The Nation reported that the exchange rate was also increased from N305 to N360 to a dollar.

2020 BUDGET
PRESIDENT BUHARI SIGNS 2018 BUDGET 1. 2020 BUDGET SIGNED: President Muhammadu Buhari flanked by the Vice President Prof Yemi Osinbajo Signs the 2020 Budget. Others are Chairman Senate Committee on Appropriations, Senator Danjuma Goje, Chairman House Committee on Appropriations, Hon Mustapha Bala, SSAP on National Assembly (House) Hon Sulieman Kwau, SSAP on National Assembly (Senate) Sen Ita Enang during the Signing of the 2018 Budget at the State House in Abuja. PHOTO; SUNDAY AGHAEZE. JUNE 20 2018

Photo Credit: Getty

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