The Federal Executive Council at its first virtual meeting on Wednesday, May 13 revised the 2020 National budget\u00a0 and the Medium Term Expenditure Framework (MTEF) for 2020-2022\u00a0 following the recommendation of the Ministry of Finance. The revised budget now stands at a total of N10.523 trillion, cut down by N71.5 billion from the original budget passed by the National Assembly and signed into law by President Buhari in December 2019, which stood at N10.594 trillion. Following this, the leadership of the National Assembly met with the Minister of Finance, Budget and National Planning, Zainab Ahmed on May 14, to be briefed on the proposed amendment of the budget. <\/p>\n\n\n\n
The revised budget is\npredicated on an oil price benchmark of $25 per barrel from the initial rate of\n$57 per barrel, at a production rate of 1.94 million barrels per day and an\nexchange rate of N360 to $1. The Federal Government will be funding the budget by N5.158 trillion while the deficit\nof N5.365 trillion will be financed by domestic and foreign borrowing. Some of\nthe foreign borrowing include concessionary loans from the International\nMonetary Fund (IMF), the World Bank, the Islamic Development Bank and the\nAfrican Export-Import Bank. <\/p>\n\n\n\n
The review of the budget\nwhich came on a backdrop of the adverse economic impact of the COVID-19\npandemic and the decline in the global price of crude oil implies an increase\nby N318 billion from N10.276 trillion that was earlier proposed in a move to\nreview the budget in April 2020. According to the Finance Minister, Zainab\nAhmed, the review process involved the incorporation of new expenditure not previously\nbudgeted in order to ensure effective implementation of required emergency response\nto the COVID-19 crisis. <\/p>\n","protected":false},"excerpt":{"rendered":"
The Federal Executive Council at its first virtual meeting on Wednesday, May 13 revised the 2020 National budget\u00a0 and the Medium Term Expenditure Framework (MTEF) for 2020-2022\u00a0 following the recommendation of the Ministry of Finance. The revised budget now stands at a total of N10.523 trillion, cut down by N71.5 billion from the original budget […]<\/p>\n","protected":false},"author":2,"featured_media":918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[69],"class_list":["post-1426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-fg-set-to-submit-reviewed-2020-budget-to-nass"],"_links":{"self":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/1426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/comments?post=1426"}],"version-history":[{"count":3,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/1426\/revisions"}],"predecessor-version":[{"id":1445,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/1426\/revisions\/1445"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media\/918"}],"wp:attachment":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media?parent=1426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/categories?post=1426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/tags?post=1426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}