…Presents details to NASS next week
By Levinus Nwabughiogu
To reflect the present harsh economic realities occasioned by the coronavirus pandemic, the Federal Government has adjusted the 2020 budget, slashing the figures by N317.5 billion.
It will be recalled that the National Assembly had in December 2019, passed a budget of N10.5 trillion.
But in a document sighted by Vanguard yesterday, the federal government reduced the 2020 estimate to N10.276 trillion, resulting in a difference of N317.5 billion.
The development also affected other components of the budget.
Consequently, the crude oil sales formerly bench marked at $57 per barrel has been slashed to $30 per barrel, while oil production volume has been reduced from 2.17 million barrel to 1.70 million barrel.
However, the exchange rate which was hitherto placed at N305 has increased to N360 to a dollar.
Federal Government’s share of oil revenue, the share of NLNG dividends, the share of minerals & mining,…
Source: Vanguard Newspaper
