Nigeria’s 2020 budget cut down by 20%

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The Federal Government has slashed N312 billion from projects approved in the 2020 budget.

Documents seen by newsmen on Wednesday showed that the amount represents a cut of 20% off capital projects.

A source in the National Assembly shared a copy of the revised 2020 budget, noting that a meeting was ongoing between the leadership of the National Assembly and the Minister of Finance, Zainab Ahmed, and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari.

This budget review became necessary following reduced revenue and oil prices as a result of the COVID-19 pandemic.

More details coming shortly.