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COVID-19: FEC cuts Budget 2020 to N10.523trn

Re-Ignite / Business  / COVID-19: FEC cuts Budget 2020 to N10.523trn

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.

The 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.



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