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
