Due to the global economic realities necessitated by the Coronavirus outbreak, the Federal Government of Nigeria has sent a new budget proposal to the National Assembly for consideration.
According to The Nation, the new proposal which is being considered by the National Assembly reduced the 2020 budget from. N10.594 trillion to N10.276 trillion.
In the newly proposed budget, the oil benchmark dropped from $57 per barrel to $30 per barrel while the oil production volume was reduced from 2.17 million barrel to 1.70 million barrel.
Also in the newly proposed budget, the exchange rate rose from N305 per dollar to N360.