The use of $57 per barrel as the benchmark in projecting revenue from oil in the budget has rendered many of the estimates in the document ineffective with the recent turn of events. EconomyOfNigeria 2020BUDGET Nigeria Coronavirus
pandemic on the economy. The 2020 budget, which focused primarily on fiscal consolidation, investment in critical infrastructure, incentivising private sector investment and the enhancement of social investment programmes has seemingly been torn to shreds by the COVID-19 pandemic. The threat of this pandemic to the global economy is real, as it has seriously disrupted the functioning of all economies across the globe starting from China where the pandemic began its deadly trip.
With all these, the total budget size was planned to be higher than the 2019 comparative estimate of N7.594 trillion inclusive of the government-owned enterprises. With the unwelcome effect of the pandemic on the economy, the bulk of these estimates are currently unrealisable. With the fall in both local and foreign trade volumes as well as decreased economic activity in the country currently, it is even difficult to realise the targets expected from value added tax and customs duties.
Though the logic behind this magic figure of N1.5 trillion appears suspect, some deductions can be made from the minister’s briefing. One deduction is that government has realised that except something drastic is done and that soon, the economy could collapse under its watch. The fears of the Minister of State for Petroleum, Mr.
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