The Federal Government of Nigeria, on Wednesday, announced the cutback of N1.5 trillion from the 2020 budget of N10.59 trillion, as part of measures to curtail the effect of coronavirus on the nation’s economy.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, divulged this while addressing the journalists at the end of the Federal Executive Council, FEC, meeting at the Council Chamber, Presidential Villa, Abuja. Nigeria.
She said, “What we have done is that we have written every ministry and given them guidelines on how these adjustments will be made to enable us to have detailed input from the ministries.
“But, I can just say that the budget cut is about N1.5tn; the reduction in the size of the budget. And this includes the N457bn from the PMS under-recovery.
“On how much it will affect the federally-funded upstream projects; it is about 25 per cent cut. The exact amount, we will work out when we get input from the ministries, departments and agencies.”