Zainab Ahmed

Adebayo Obajemu

The Federal Government has sent a proposal to the National Assembly seeking to reduce the 2020 Appropriation Act of N10.593 trillion by N318 billion, thus bringing it to a new low of N10.277 trillion.

The request is coming on the heels of tumbling oil prices at the international spot market. Also being proposed by the government, is the peg of oil benchmark at $30 per barrel from its previous peak of $57 per barrel, as well as the need to raise the exchange rate to N360 to the dollar and the daily oil production lowered to 1.70 million barrel per day from 2.18 million barrel per day that was earlier proposed.

The proposals will be tabled before both chambers of the National Assembly when they reconvene.