Nigerian Government Reduces 2020 Budget As Economy Dwindles Over Covid-19 Pandemic

Nigerian president General Muhammadu Buhari
Nigerian president General Muhammadu Buhari
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The Federal Government of Nigeria under the leadership of Muhammadu Buhari has sent new budget proposal to the National Assembly in prelude to officially reduce the 2020 National Budget.

This move was necessitated by the lingering global economic realities that ensued as a result of the COVID-19- pandemic.

According to a reliable source known to 9News Nigeria, the new proposal which is being considered by the National Assembly, reduced the 2020 estimate from. N10.594 trillion to N10.276 trillion.

2020 Budget-President Buhari presents Appropriation Bill to the senate
2020 Budget-President Buhari presents Appropriation Bill to the senate

The proposal also reduces the oil bench mark from $57 per barrel to $30 per barrel while the oil production volume was reduced from 2.17 million barrel to 1.70 million barrel.

Meanwhile, the official exchange rate has also increased from N305 to N360 to a dollar.

We will make details available later.

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