In response to market realities occasioned by the coronavirus pandemic, the federal government has slashed the 2020 budget by N1.5tn
Coronavirus has caused an oil glut and the attendant slump in the price with the latest being $20.37 a barrel, a far cry from the $57 per barrel which this year’s budget of N10.59tn was premised on.
The same disease also impacted negatively on the projected revenue of the Nigeria Customs Service.
In the light of the prevailing situation, the government has rethought the budget, according to Punchng.com.
“But, I can just say that the budget cut is about N1.5tn; the reduction in the size of the budget. And this includes the N457bn from the PMS under-recovery,” the paper quoted the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed as saying.
