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· Nigerian President Muhammadu Buhari presented a revised 2020 budget of 10.51 trillion naira (US$29.19 billion) to Parliament for approval
· The coronavirus pandemic and an oil price plunge have significantly affected Africa’s biggest and most populated economy, which relies heavily on crude exports for government revenues.
Nigerian President Muhammadu Buhari presented a revised 2020 budget of 10.51 trillion naira (US$29.19 billion) to Parliament for approval The coronavirus pandemic and an oil price plunge have significantly affected Africa’s biggest and most populated economy, which relies heavily on crude exports for government revenues. The problem got compounded by a weakening the naira due to high inflation and other adverse macroeconomic indicators
The revised budget has to be approved by lawmakers. They can make changes, before being sent back to the president to pass into law. The president also can make revisions. If he so wishes. The proposal containing budgetary allocation sent to both chambers of Parliament recently is only a shade lower than the record 10.59 trillion naira budget approved in December by Buhari. The revised budget includes items related to healthcare as part of the country’s response to the coronavirus pandemic. The proposed budget also provides for local
and foreign borrowing, including US$5.51 billion from multilateral lenders.
