Ndubuisi Orji, Abuja

The President of the Senate, Ahmed Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila, yesterday, met with the Minister of Finance, Zainab Ahmed, over review of the 2020 budget, as a result of COVID 19 pandemic ravaging various parts of the world.

Daily Sun gathered that the meeting, which held behind closed door at the Senate wing in the National Assembly complex, also have in attendance the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and the Minister of State for Petroleum, Timipreye Sylva.

Also in attendance were the Deputy President of the Senate, Ovie Omo-Agege, the deputy speaker, Idris Wase and other principal officers of the National Assembly.

A source in the National Assembly told our correspondent that during the meeting, the finance minister presented details of the proposed review of the 2020 Appropriations Act.

The document sighted by our  correspondent indicated that the oil production earlier pegged at  2.18mbpd volume oil production was reduced to 1.7mbpd, while the oil price benchmark was also reduced from $57 to $30 per barrel while the average exchange rate was raised  from $305/$ to $360/$.

The government is also proposing a 20 percent reduction in capital projects across key Ministries, Department and Agencies ( MDAs).

For the statutory transfer, however, Federal Government retained the Appropriations of N128 billion for National Assembly; N110 billion for National Judicial Council; N4 billion for Independent National Electoral Commission; N4.7 billion for Public Complaint Commission; N2.5 billion for Human Rights Commission.

The  Niger Delta Development Commission ( NDDC) budget was reduced from N80.882 billion to N29.522 billion; North East Development Commission (NEDC)  budget reduced from N38.102 billion to N14.079 billion; Universal Basic Education Commission (UBEC)  budget reduced from N111.789 billion to N61.024 billion while Basic Health Care Fund’s budget was reduced from N44.498 billion to N17.981 billion.

The document showed  reduction of total recurrent expenditure from N4.493 trillion to N4.468 trillion, with reduction of personnel cost (MDAs) from N4.843 trillion to N4.738 trillion, while capital expenditure by MDAs was  reduced from N1.564 trillion to N1.351 trillion.

Ahmed was quoted to have told he National Assembly leadership that the Ministry is set to present a revised 2020 national budget as well as the Medium Term Expenditure Framework (MTEF)/ Fiscal Strategy Paper (FSP) to the parliament.

As we move to adjust the Budget and implement the N500b stimulus package. The president has set up a committee chaired by the vice president which will be meeting today at 2 pm.

“The feedback we get from that meeting would be conveyed to the relevant bodies as we design the various programs which will include the upgrade of healthcare facilities, support to States, Public Works and other interventions that we are working on at this time,” she said.

Gbajabiamila, according to a statement by his media aide, Lanre Lasisi, urged the finance minister to ensure all-inclusive package that will give Nigerians relief from the effects of COVID 19.