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