BREAKING: FG cuts down 2020 budget

The Federal government has reduced the 2020 budget estimate from N10.594 trillion to N10.276 trillion.

The new budget proposal which is presently being considered by the leadership of law makers shows the economic realities of the deadly coronavirus (COVID-19) outbreak and spread.

At the same time, FG reduced the oil benchmark from 57 dollars per barrel to 30 dollars per barrel, while the oil production volume was decreased from 2.17 million barrel to 1.70 million barrel respectively.

Also, there is an increase in the exchange rate from N305 to a dollar to N360 to a dollar.

Details later…