The Federal Government has sent a new budget proposal to the National Assembly for consideration in view of global economic realities as a result of the COVID-19 pandemic.

The new proposal, which is being considered by the National Assembly, reduced the 2020 estimate from N10.594 trillion to N10.276 trillion.

It also reduces the oil bench mark from $57 per barrel to $30 per barrel while the oil production volume was reduced from 2.17 million barrel to 1.70 million barrel.

The exchange rate was increased from N305 to N360 to a dollar.