FG Reduces 2020 Budget

The federal government has reduced the 2020 budget following the impact of the Coronavirus pandemic on the economic activities of the country. 

In a new proposal sent to the National Assembly by the federal government, the 2020 budget was reduced from N10.594 trillion to N10.276 trillion.

The oil bench mark was reduced 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.

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