FG Cuts 2020 Budget as COVID-19 Bites

budget
  • FG Cuts 2020 Budget as COVID-19 Bites

The Federal Government has forwarded the revised 2020 budget to the National Assembly, lowering initial costs to accommodate changes in the nation’s macro fundamentals, according to a report published by the Punch.

The top newspaper had said a reliable source in the National Assembly shared a copy of the revised budget showing adjustments in appropriations in view of the ongoing pandemic.

Punch said, “a top source in the National Assembly shared a copy of the revised 2020 budget on Wednesday, noting that a meeting was ongoing between the leadership of the National Assembly and the Minister of Finance, Zainab Ahmed, and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari.”

“Part of the documents showed that there is a 20 per cent cut on capital projects across ministries, departments and agencies to the tune of N312,820,542,675.”

Earlier last month, the minister of Finance had said the 2020 budget was lowered by N1.5 trillion to accommodate the present fall in the nation’s revenue.

The revised budget has now been forwarded to the National Assembly for approval.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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