The Federal government has sent a new budget proposal to the National Assembly for consideration in view of global economic realities as a result of the outbreak and spread of COVID- 19.
This could be said to be the response of President Muhammadu Buhari to the advice of former Vice President Atiku Abubakar, by reducing the 2020 budget.
Recall that Alhaji Atiku Abubakar on Tuesday, in a post on his Facebook page, advised the President Buhari-led administration and other African countries on what to do to mitigate the damaging effects of coronavirus.
Part of the advice of Alhaji Atiku Abubakar was for the President Buhari-led administration to abandon the 2020 budget and come up with a more realistic budget.
The new proposal which is currently being considered by the leadership of the legislature reduced the 2020 estimate from N10.594 trillion to N10.276 trillion
It also reduces the oil benchmark from 57 dollars per barrel to 30 dollars per barrel, while the oil production volume was reduced from 2.17 million barrel to 1.70 million barrel and the exchange rate increased from N305 to a dollar to N360 to a dollar.
