The senate and house of representatives last week passed the revised 2020 budget of N10.805 trillion.
The budget was passed at Plenary after the red Chamber received and Considered the report of its Appropriations Committee.
A lump sum of N500 billion was added to the budget as an intervention fund for COVID-19 of which N186 billion was earmarked for the health sector.
In the revised budget, N4.9 trillion was voted for recurrent expenditure and N2.4 trillion is for capital expenditure.
N422 billion is fixed for statutory transfers, while the sum of N2.9 trillion is also earmarked for debt servicing.
Key assumptions in the revised 2020 Budget includes, a proposed benchmark oil price of $28 per barrel, 1.9m barrel oil production per day target reduced to 1.8 million barrel per day and exchange rate of N360 to $1.
According to the revised document, the ministry of works and housing got the highest cut of N58.83 billion.
Its capital expenditure was slashed from N315.57 billion to N256.74 billion.
the federal ministry of agriculture and rural development came second with a reduction in capital expenditure from N124.4 billion to N79 billion.
In the revised budget proposal, budgetary allocation to the National Assembly complex renovation was reduced by 25% from N37 billion to N27.7 billion.
Provisions for education and health were cut by 54% and 42%.
Niger Delta Development Commission (NDDC) got N44 billion, a reduction from N80 billion; North East Development Commission was allocated N20 billion against N38 billion earlier approved.
The declined in global oil prices caused by coronavirus pandemic made it necessary for major economies to revisit their earlier expenditure plans.
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This content was originally published here.