Nigeria's budget likely to get cut by N1trn

The Federal Government may reduce its 2020 budget by N1 trillion following the global plunge of oil prices to $31 early this week.

This was part of the issues contained in the interim report submitted to President, Major General Muhammadu Buhari (retd.) on Friday to assess the impact of coronavirus on the 2020 budget.

The committee is chaired by the Minister of Finance/Budget/National Planning, Mrs Zainab Ahmed. Other members are the Minister of State, Petroleum Resources, Mr Timipre Sylva; Governor of the Central Bank of Nigeria, Mr Godwin Emefiele; and the Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari.

Buhari appointed the committee on Monday.

Ahmed disclosed to State House Correspondents on Friday that after meeting with Buhari, she again directed the panel to make further consultations with a wider segment of Nigerians before coming up with recommendations on what actions to take.

She said they briefed Buhari on the findings so far, including “looking at ways to stabilise government revenues.” Ahmed, who gave no figures, added, “We will be concluding the consultations next week, by which time we will release figures on specific approvals.”

This is coming as MyNigeria.com believes that the budget may be cut by N1trn in the wake of the outbreak of COVID-19.