FG Sends Slashed 2020 Budget To National Assembly

The federal government has sent a reduced 2020 budget proposal to the National Assembly(NASS).

Recall that the government in view of  the global economic realities as a result of the COVID-19- pandemic had  proposed to cut the 2020 budget size by N1.5 trillion from N10.59 trillion to N9.09 trillion.

Also,  responding  to the oil price crash, the government had  slashed the oil benchmark to $30 per barrel, down from the $57 earlier passed by NASS.

It was gathered that in the new proposal the oil production volume was reduced from 2.17 million barrels to 1.70 million barrels while the exchange rate was  increased from N305 to N360 to a dollar.