COVID-19: FEC cuts Budget 2020 to N10.523trn
The Federal Executive Council, FEC, yesterday, revised the 2020 Budget from N10. 594 trillion signed into law by President Muhammadu Buhari to N10. 523 trillion.
FEC also approved the amendment of the Medium Term Expenditure Framework, MTEF for 2020-2022. Recall that the National Assembly had increased the 2020 budget from N10.33 trillion submitted by the executive to N10.594 trillion.
budget cut, especially the review of oil benchmark to $25 per barrel, drew the
attention of experts who advised the federal government to immediately
diversify the economy with money realised from sale of the product, to stop
depending on oil.
The Minister of Finance, Budget and National
Planning, Mrs. Zainab Ahmed, disclosed this while briefing State House
correspondents after the virtual FEC meeting presided over by President
Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.