File photo: President Muhammadu Buhari signs the 2020 Appropriation Act into law at the State House in Abuja on December 17, 2019.
The Federal Executive Council has approved the revised Medium Term Expenditure Framework and the 2020 budget.
The revised estimates are based on $25 per barrel of crude oil at a production rate of 1.94 million barrels per day.
Earlier, Minister of Finance, Zainab Ahmed had hinted that the government would make the revision based on declining international oil prices and the impact of the coronavirus pandemic.
Ms. Ahmed, who is also the Minister of Budget and National Planning, had told Reuters the government would drop the oil benchmark from the initial $57 per barrel to $30.
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