The Federal Government has revised downward the revenue projection for the 2020 budget by 3.3 trillion naira from the initial approved amount of 8.41 trillion naira to 5.08 trillion naira.

The revised revenue projection is contained in a proposal sent to the National Assembly by the executive.

The reduction became imperative in view of the negative impact of the corona virus pandemic, which had led to disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets.

These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.

Based on the revenue parameters underlying the revised proposal, the Federal Government revised downwards the oil price benchmark from 57 dollars per barrel to 30 dollars per barrel.