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Nigeria's president submits revised 2020 budget to Parliament

Published 28/05/2020, 20:20

By Camillus Eboh
ABUJA, May 28 (Reuters) - Nigerian President Muhammadu
Buhari on Thursday submitted a revised 2020 budget of 10.51
trillion naira ($29.19 billion) to Parliament for approval.
The coronavirus pandemic and an oil price plunge have
magnified headwinds in Africa's biggest economy, which relies
heavily on crude sales for government revenues. The problems
triggered a decline in growth and large financing needs as well
as weakening the naira currency.
The government has said since March that the budget passed
in December would be revised down. It must be approved by
lawmakers, who can make changes, before being sent back to the
president to pass into law after he has agreed to any revisions.
Amid the steep fall in global oil prices, the government
previously said this year's budget would shrink by about 15%.

The proposal sent to both chambers of Parliament on Thursday
is only marginally lower than the record 10.59 trillion naira
budget approved in December by Buhari. It follows the inclusion
of new items, much of which is related to healthcare as part of
the country's response to the coronavirus pandemic. The revised budget includes local and foreign borrowing,
including $5.51 billion from multilateral lenders.

($1 = 360.0000 naira)

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