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FG Reduces 2020 national Budget, as naira exchange raises to N360

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The Nigerian Government has cut the 2020 budget from N10.594 trillion to N10.276 trillion.

This is contained in the new budget proposal sent to the National Assembly by the federal government on Wednesday for consideration.

According to the new proposal, the budget cut became necessary in view of global economic realities as a result of the coronavirus pandemic.

Read also:Breaking : Lagos govt withdraws social distance violation charges against Gbadamosi, Naira Marley

The government also cut the crude oil benchmark from $57 per barrel to $30 per barrel, just as the oil production volume was reduced from 2.17 million barrel to 1.70 million barrel.

Similarly, the foreign exchange rate was increased from N305 to N360 per dollar.

BlazeNewz Disclaimer

The information contained in this post is for general information purposes only. Opinion articles, comments are solely the responsibility of the author and does not necessarily reflect the views of BlazeNewz while we endeavour to keep the information accurate with objectivity as we adhere to global practice of journalism. Read our full Disclaimer.

Hammed Tajudeen is the editor in-chief of Blaze News, holds Higher National Diploma(HND) in Mass Communication, graduated from Osun State Polytechnic, Iree.

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