
The Federal Government has proposed the reduction of oil benchmark, upon which the 2020 budget was predicated , from $ 57 to $ 30 per barrel .
The Minister of Finance, Zainab Ahmed , announced this after a meeting between the executive arm of government and the leadership of the National Assembly in Abuja .
The meeting was meant to review the 2020 budget and Medium Term Expenditure Framework, particularly against the background of the impact of the Coronavirus pandemic on the global economy .
The meeting, which lasted almost four hours , according to the President of the Senate, Ahmad Lawan , was summoned to β discuss the proposed review of the 2020 budget and the Medium Term Expenditure Framework. β
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The Finance Minister proposed a review of the 2020 budget using a $ 30 per barrel price benchmark as against $ 57 initially passed in December by the National Assembly.
She said it was part of the measures to prepare for the worst – case scenario , as well as insulate the Nigerian economy against any form of unexpected crisis .
She also told the leadership of the National Assembly that budgeted revenues for the Nigeria Customs Service have been reduced from N1 . 5 trn to N943 bn β due to anticipated reduction in trade volumes β .
She also said , β The privatisation proceeds will be cut by 50 per cent , based on the adverse economic outlook on sales of the Independent Power Projects and other assets . β
Similarly, Ahmed disclosed that the Federal Government has undertaken cuts to Revenue – related expenditures for the Nigerian National Petroleum Corporation for several projects included in the 2020 Appropriation Act passed by the National Assembly in December 2019 .
She said , β The Federal Government is working on Fiscal Stimulus Measures to provide fiscal relief for taxpayers and key economic sectors .
β We will incentivise employers to retain and recruit staff during the economic downturn .
β We will stimulate investment in critical infrastructure; review non -essential tax waivers to optimise revenues , and compliment monetary and trade interventions to respond to the crisis . β








