Falling crude oil prices and economic downturn arising from the Coronavirus pandemic have forced the Federal Government to cut this year’s budget from N10.594 trillion to N10.276 trillion.
This is contained in the new budget proposal sent to the National Assembly by the Executive 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.
Apart from the bottom diet, the government also cut the crude oil benchmark from $57 per barrel to $30 per barrel, while the oil production volume estimate was reduced from 2.17 million barrel to 1.70 million barrel.
Similarly, the foreign exchange rate was increased from N305 to N360 per dollars S the national currency continues to fall in value against major news currencies.