The Federal Executive Council (FEC) has approved the review to the 2020 national budget. The development followed a memo forwarded by the ministry of finance, budget and national planning to FEC for approval of the amendments of the Medium Term Expenditure Framework for 2020-2022 as well as an amendment to the 2020 budget.
Minister of Finance, Budget and National Planning, Ms Zainab Ahmed, while briefing State House correspondents on Wednesday, May 13, said, the budget has new benchmarks which now includes $25 per oil barrel, and a target production rate of 1.94 million barrels per day and then an exchange rate of N360 to $1.
Ms Ahmed further said the revised budget now amounts to N10.5 trillion, a difference of about N71.5 billion when compared to the initial approved budget.
She said the size of the budget was cut down, while new expenditure previously not budgeted was brought in to enable government “adequately respond to the COVID-19 pandemic.”
The minister also said while the federal government will fund the budget by N5.158 trillion, the deficit from N5.365 trillion will be financed by both domestic and foreign borrowing.