BEVERLY HILLS, April 09, (THEWILL) – In view of recent realities such as the crash of the prices of oil in the International market as a result of the COVID-19 pandemic, the Federal Government is seeking the approval of the National Assembly to review downwards the 2020 budget from N10, 594, 362,364,830 as approved to N10,276, 887,197,728.
The new proposal is N317,475,167,102 less than the approved estimate passed by the National Assembly in December 2019 and signed into law by the President.
The fresh proposal, which is being studied by the leadership of the National Assembly, is proposing a cut in the oil bench mark from $57 per barrel to $30 per barrel and a reviewed daily oil production of 1.70 million barrel from the initial 2.18 million barrel per day.
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The proposal is expected to be tabled before both chambers of the National Assembly when they reconvene.
It also increased the exchange rate from N305 to N360 to the dollar.
It was however gathered that the Executive is proposing a 20 percent total cut in capital projects across board while a new budget line that reads Federation Provision for COVID -19 Crisis Intervention has been opened with N150 billion allocated to it.
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