The Senate also reduced the targeted daily oil production from 1.94 million as initially proposed to 1.8 million barrels per day.
This was as a result of the gloomy global economic realities caused by the coronavirus pandemic as well as shrinking oil earnings caused by subsequent fall in oil prices.
“This is because, as we cut down the size of the budget,” finance minister Zainab Ahmed said, “we also have to bring in new expenditure previously not budgeted, to enable us adequately respond to the COVID-19 pandemic.”Both the Senate and House of Representatives have approved therequest of the President on Tuesday, three months after the Senate did the same.
“The borrowing, the multilateral loans drawdown coming from special accounts and coming from the privatisation will fund the fiscal deficit of N5.34 trillion that we have in the proposed amendment of the 2020 budget,” she added.
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