Nigeria’s Federal Government has sent new reduced budget proposal to the National Assembly for approval as a result of the economic impact of Coronavirus pandemic.
The proposal to the National Assembly saw the budget being reduced from N10.594 trillion to N10.276 trillion.
According to The Nation, the budget reduced the oil bench mark 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.
The exchange rate increased from N305 to N360 to a dollar.