President Muhammadu Buhari, yesterday, signed into law, the revised N10.8 trillion budget for the year 2020 passed by the National Assembly in June.
In his remarks, President Buhari said the revised Appropriation Act 2020 became necessary in response to recent developments, in particular, the COVID-19 Pandemic.
“Crude oil prices in the world market declined sharply from a high of $72.20 per barrel in January 2020 to below $20 per barrel in April 2020, and have since remained around $40 per barrel.
“Nigeria’s crude oil production quota has been reduced as part of the efforts of the Organisation of Petroleum Exporting Countries (OPEC) to strengthen the oil market. Global trade has generally been disrupted as almost all economies were locked down for protracted periods in the wake of the COVID-19 Pandemic.
