President Muhammadu Buhari has approved the 2020 revised Medium Term Expenditure Framework budget.
Naija News learnt that during the virtual Federal Executive Council approved the revised estimates are based on $25 per barrel of crude oil at a production rate of 1.94 million barrels per day.
Earlier, Minister of Finance, Zainab Ahmed had hinted that the government would make the revision based on declining international oil prices and the impact of the coronavirus pandemic.
Ms. Ahmed, who is also the Minister of Budget and National Planning, had said that there will be a cut of 20% from the capital expenditure of the 2020 budget while recurrent expenditure will be reduced by as much as 25%. Recall that She had earlier in the month hinted at the possibility of reducing the 2020 budget due to the coronavirus outbreak.