The Senate on Tuesday put the benchmark price for crude oil in the 2020 budget at $28 per barrel.
The red chamber also passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) projections, upon which the revised 2020 budget would be based.
These approvals were made after the chairman, Senate finance committee, Solomon Olamilekan (APC, Lagos), presented a report on the revised medium-term expenditure framework and fiscal strategy paper.
"This is because, as we cut down the size of the budget," finance minister Zainab Ahmed said, "we also have to bring in new expenditure previously not budgeted, to enable us adequately respond to the COVID-19 pandemic."
As a recourse, Ms Ahmed said the federal government would be seeking loans to fund the 2020 budget.
