Nigeria cuts 2020 budget by over N300bn

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.

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.

Details later…