COVID-19: National Assembly budget budget slashes by N25.6bn
By our correspondent
The National Assembly’s 2020 budget will be reviewed downwards by N25.6 billion as the federal government adopts cost-cutting measures resulting from the fall in crude oil price in the world market caused by the COVID-19 pandemic, Daily Trust reports.
The amount is 20 per cent of the N128 billion approved for the National Assembly for this fiscal year.
The federal government had reduced the N10.3tr 2020 budget to N8tr in the face of the effects of the coronavirus on the world economy which saw crude oil price going down far below the $52 budget benchmark.
Following the development, it was agreed that the Executive, Judiciary and Legislature budgets would be slashed by 20% across board to reflect the present realities.