Sunday Aborisade and Leke Baiyewu The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Thursday presented a revised 2020 Appropriation Act to the National Assembly and explained wh
y the downward review of the national budget.
The minister stated that “the $57 crude oil price benchmark approved in the 2020 budget is no longer sustainable.” The minister further explained that the Federal Government’s aggregate expenditure budget was slashed by N88.412bn; statutory transfers from N560.47bn to N397.87bn; and overhead costs of ministries, departments and agencies from N302.43bn to N240.91bn.On provision of N500bn for COVID-19 Intervention Fund, the minister explained that N263.63bn would be sourced from the Federal Government’s special accounts; N186.
In his remarks, Gbajabiamila called on the Federal Government to adopt a feasible benchmark in the proposed amendment to the 2020 budget.
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