The Federal Government has adjusted the 2020 budget downward from the original 10.59 trillion naira to 10.52 trillion naira.

The budget deficit is in excess of 5.3 trillion naira.

The approval was made in Abuja by the Federal Executive Council meeting presided over by President MUHAMMADU BUHARI at the State House.

The new figures were captured in the revised 2020 Medium Term Expenditure Framework submitted to the council by the Minister of Finance, Budget, National Planning, ZAINAB AHMED.

According to the minister, the dwindling finances owing to the crude oil crash means that the budget comes with a huge deficit to be funded through foreign and domestic borrowings.

On his part, the Minister of Agriculture and Rural Development, SABO NANONO, disclosed that the ministry sought approval for a loan of €950,000 (about $1.2bn) for the “purposes of agricultural mechanization in the country that will cover about 632 local governments plus 140 processing plants.”