The federal government of Nigeria has presented a medium-term expenditure plan and fiscal strategy paper proposing about N9.78 trillion as of the total budget for 2020.
The presentation was done by Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning, proposing N10.1 trillion budget for 2021 and N10.4 trillion budget for 2022.
The benchmark for crude oil in the 2019 budget is slated at $60pb but for 2020-2022 is dropped to $55 per barrel with the benchmark oil production slated at 2.18 million barrels per day.
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She also stated that 2020 to 2022 fiscal years would be tough and with lots of challenges due to the generation of revenue and spontaneous growth in personnel costs.
“Every state would be vehemently affected in this regard”.
“Oil revenue is expected to reduce from N3.688 trillion in 2019 to N2.367 trillion in 2020 as a result of low production and a low oil price.”, she added.
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