President Muhammadu Buhari has transmitted the revised 2020 budget proposal to the National Assembly for consideration and approval, Daily Trust reports.
The new fiscal document was delivered to the Senate President, Ahmad Lawan, by the presidential aide on National Assembly (Senate), Senator Babajide Omoworare, at the National Assembly on Wednesday.
The budget is being reviewed following the crash of the price of crude oil at the international market, occasioned by the coronavirus pandemic.
Top sources at the Senate, who preferred not to be named, said the Senate President has asked members of the Senate committee on appropriation, chaired by Senator Barau I. Jibrin, to immediately commence work on the document.
It was also gathered that relevant committees will, on Thursday, commence interaction with ministers on the document.
The federal government, on May 13, approved N10.523 trillion as a revised 2020 national budget.
This followed a memo submitted by the ministry of finance, budget and national planning to the National Executive Council (FEC) for approval of the amendments of the Medium Term Expenditure Framework for 2020-2022 as well as an amendment to the 2020 budget.
The minister of finance, budget and national planning, Zainab Ahmed, who briefed State House reporters, said the revised budget had a difference of about N71.5 billion when compared to the approved budget.
Hajiya Zainab, who said the council approved the ministry’s recommendations and key parameters, stated that the crude oil price was approved at $25 per barrel, while crude oil production was okayed at 1.94 million barrels per day and an exchange rate of N360 to $1.
The House of Representatives received the revised 2020 budget and the Medium Term Expenditure Framework (MTEF) from the executive, the presidential liaison in the House of Representatives, Umar Ibrahim El-Yakub confirmed on telephone on Wednesday.
“Yes, it was submitted yesterday (Tuesday).The document was submitted to the House late after the plenary. I submitted it yesterday, but the Senate received their own today (Wednesday).