FG Slashes 2020 Budget, Reduces Oil Benchmark

The Federal Government has sent a new budget proposal to the National Assembly for consideration in view of global economic realities as a result of the outbreak and spread of COVID- 19.

The new proposal which is currently being considered by the leadership of the legislature reduced the 2020 estimate from N10.594 trillion to N10.276 trillion

It also reduces the oil benchmark from 57 dollars per barrel to 30 dollars per barrel, while the oil production volume was reduced from 2.17 million barrel to 1.70 million barrel and the exchange rate increased from N305 to a dollar to N360 to a dollar.