By Moses Uwagbale
Nigeria has adjusted its 2020 budget, reducing the oil benchmark from 57 dollars per barrel to 30 dollars per barrel.
The adjusted budget proposal has been sent to the National Assembly for consideration.
The budget was adjusted in view of global economic realities as a result of the outbreak and spread of COVID- 19 and the impact on global economy.
The new adjusted reflected a reduction from N10.594 trillion to N10.276 trillion
It predicated oil production volume reduced from 2.17 million barrel to 1.70 million barrel and the exchange rate increased from N305 to a dollar to N360 to a dollar.
