Buhari approves revised 2020 Budget

The Federal Executive Council has approved the revised Medium Term Expenditure Framework and the 2020 budget.

The revised estimates are based on $25 per barrel of crude oil at a production rate of 1.94 million barrels per day.

Zainab Ahmed, Minister of Finance, Budget and National Planning, had told Reuters the government would drop the oil benchmark from the initial $57 per barrel to $30 due to the impact of the coronavirus pandemic.