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Breaking: FG cuts down 2020 budget

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The Federal government has cut down the 2020 budget as regards the coronavurus outbreak.

They have sent a new budget proposal to the National Assembly for consideration in view of the economic realities caused by the pandemic.

The new proposal sighted by The Nation and 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.

More to come…..