Senate Cuts 2020 Budget to Align With Fall in Oil Benchmark


By Isaac Garba           The Federal Government has changed its initial decision of drastically cutting down the 2020 budget passed by the National Assembly from of N10.594 trillion to 9 trillion, yesterday, but instead, it was reduced with about N85billion in a new proposal of 10.509trillion.   Following the earlier approval of N2.4trillion set aside for debt servicing in the 2020 fiscal year, it has now risen to N3trillion, standing at N2.951trillion.   President Muhammadu Buhari stated to both chambers of the National Assembly through separate letters that, the newly proposed budget of N10.509trillion is based on the present oil price benchmark of $25per barrel as against $57per barrel fixed for the initial one.   However, underlying assumptions of the revision of the 2020 budget included are 1.93 million barrels of oil production per day as against 2.3 million oil production initially Read more


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