The Federal Government, has sent a new 2020 budget proposal to the National Assembly for consideration, in view of the global economic realities, as a result of the outbreak and spread of Covid-19.
The new proposal which is currently being considered by the Leadership of the Legislature, saw the reduction in the 2020 budget estimates, from N10.594 trillion to N10.276 trillion
It also reduced the oil benchmark from 57 dollars per barrel, to 30 dollars per barrel; while the oil production volume was reduced from 2.17 million barrel to 1.70 million barrel, and the exchange rate increased from N305 to a dollar, to N360 to a dollar.