Oil Price Crisis: Buhari Transmits Revised 2020 Budget To N/Assembly For Deliberation

Related stories

(VIDEO) Like Dancing Gov Adeleke, Wike Dances at UNIPORT’s Honorary Doctorate Conferment

By Abiola Olawale  The Minister of the Federal Capital Territory,...

Ranked: Southeast Asian Countries by Wealth, Spending & Size

Southeast Asia is a perfect microcosm of the world...

Intimate Affairs: When a woman padlocks her honey jar, By Funke Egbemode

By Funke Egbemode For a woman, sex is not just...

What To Expect From Monday’s OPEC+ Meeting

OPEC+ looks set to stay the course at Monday’s...

Garba Shehu Speaks on Buhari’s Medical Trips Abroad

• Says, they Were Personal Preference By Abiola Olawale Garba Shehu,...

 

Following  plummeting  oil prices occasioned by the Covid-19 crisis and glut in global storage capabilities with consequential effects on Nigeria’s earlier projected budgetary estimates, President Muhammadu Buhari, on Wednesday, transmitted a revised 2020 budget proposal to the National Assembly for deliberation and approval.

The new fiscal document was delivered to the Senate President, Ahmad Lawan, by the Presidential Aide on National Assembly (Senate), Senator Babajide Omoworare.

Sources at the Senate, who spoke to the media anonymously  said the Senate President has mandated members of the Senate committee on appropriation, chaired by Senator Barau I. Jibrin, to immediately commence work on the revised document. It was also gathered that relevant committees will, on Thursday, commence interaction with ministers on the new budget estimates document.

Recall that the Federal Government had 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 at the end of the Federal Executive Council meeting said the revised budget had a difference of about N71.5 billion when compared to the previously approved budget.

Zainab revealed that  the FEC approved the ministry’s recommendations and key parameters, stating that the crude oil price was approved at $25 per barrel, while crude oil production was pegged at 1.94 million barrels per day and an official exchange rate of N360 to $1

Oyinlola Awonuga
Oyinlola Awonugahttps://newdiplomatng.com
Oyinlola Awonuga is a trained journalist with skill-set and experience in content curation, content creation, and management across various digital channels . Awonuga is passionate about Entertainment, Style, Fashion and Sports as niche specialties, and she is involved in consistent engagements on various social media platforms, with steady followers online. Her works have also received appreciable recognition from Media Career Development Network, and at her spare time, she monitors developments and reports on Internally Displaced Persons (IDPs) in Nigeria. She loves reading, tracking updates on Entertainment, Style and Sports, and staying abreast of global digital developments.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
(VIDEO) Like Dancing Gov Adeleke, Wike Dances at UNIPORT’s Honorary Doctorate ConfermentRanked: Southeast Asian Countries by Wealth, Spending & SizeIntimate Affairs: When a woman padlocks her honey jar, By Funke EgbemodeWhat To Expect From Monday’s OPEC+ MeetingGarba Shehu Speaks on Buhari’s Medical Trips AbroadThai-Cambodian conflict pits a well-equipped US ally against a weaker adversary with strong China links2027 : Why Kwankwaso is Mulling Presidential Run, Triggers Conflicting SignalsAGF Fagbemi Warns Gov Adeleke: Refund 7 Months LGA Funds in line with Supreme Court OrderWhat Europe's response to a no-deal with Trump could look likeOil Prices Climb Amid U.S.-EU Trade Hopes and Russian Export RestrictionsU.S. Refiners Rethink Crude Sourcing After Chevron Gets Venezuela Green LightPresidency, Kwankwaso Clash Over Claims of Northern MarginalizationNatasha Faces Full Suspension as Senate Goes on RecessGovernor mourns as Emir of Gusau, Ibrahim Bello, Dies at 712027: INEC Receives 10 New Applications, Brings total to 144 Seeking Registration As Parties
X whatsapp