The Federal Government on Wednesday adjusted the 2020 budget downward from the original N10.59tn to N10.52tn.
The approval was made in Abuja by the Federal Executive Council meeting presided over by the President, Major General Muhammadu Buhari , at the State House.
“This is because, as we cut the size of the budget, we also have to bring in new expenditure previously not budgeted, to enable us to adequately respond to the COVID-19 pandemic. “The foreign borrowings we are doing for 2020 are all concessionary loans from the International Monetary Fund, the World Bank, the Islamic Development as well as Afro-EXIM Bank.
He explained that the money would be used to establish tractor serving centres in the designated 632 locations.
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