Coronavirus: FG slashes NASS budget by N25.6bn amid pandemic

Coronavirus: FG slashes NASS budget by N25.6bn amid pandemic

- The federal government has slashed the budget of NASS by N25.6 billion as Covid-19 economic reality beckons

- The reduction reflected 20 per cent cutdown from N128 billion previously approved for the country's federal lawmakers

- In the same vein, FG has also beat down the 2020 budget from N10.3 trillion to N8 trillion due to coronavirus pandemic

As the reality of coronavirus beckons, the federal government on Thursday, April 2, took a giant stride by slashing the National Assembly (NASS) budget by N25.6 billion.

The Covid-19 pandemic has seen the economy partially deadened with government across levels resulting in reconsideration of the fiscal policy.

Earlier, Legit.ng reported that President Muhammadu Buhari ordered the 'repositioning of the economy' in a way that would respond to the realities of the global pandemic.

Coronavirus: FG slashes NASS budget by N25.6bn amid pandemic

The federal government has slashed the budget of NASS by N25.6 billion as Covid-19 economic reality beckons.
Source: Twitter

President Buhari gave directives for "review of 2020 budget to reflect realities in oil sector and prioritizing health sector infrastructure."

Again, FG approves reduction of fuel price from N125 to N123 per litre

The president gave the order after the second meeting of the Presidential Economic Advisory Council (PEAC) in Abuja.

In a subsequent development, the federal government cut down the NASS budget by 20 per cent from N128 billion previously approved for this fiscal year, Vanguard reports.

The slashing reflected the government's reduction of the 2020 budget from N10.3 trillion to N8 trillion due to coronavirus.

The government had benchmarked oil sales per barrel of crude oil to $57 but the price is now hanging between 20 and 25 dollars with the price of oil tumbling at the global market due to the impact of Covid-19.

Muhammad Tahir Monguno, House chief whip, confirmed the slashing of the National Assembly budget, adding that N37 billion proposed for the renovation of the National Assembly complex had been suspended.

“There is a very big problem, our economy is going down, there is a need for everybody to make a sacrifice. We have to forgo many things proposed in our budget," Monguno, who is a Borno lawmaker said.

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Meanwhile, Legit.ng earlier reported that in a spirit of true patriotism, lawmakers in the House of Representatives have agreed to sacrifice their salaries for two months so as to raise funds that will be used to fight the spread of coronavirus in the country.

This philanthropic move by legislators in the green chamber was by the speaker, Femi Gbajabiamila, on Tuesday, March 31.

Gbajabiamila noted that the donations from all the 360 members of the House will be independent of the individual contributions to their respective constituents.

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Source: Legit.ng News

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