President Jonathan has submitted budget revisions to the National Assembly, just over a month after signing an expansionary ₦4.6 trillion ($31 billion) budget.

He lowered the key oil benchmark price to $60 from $67 per barrel, and Nigeria’s oil output estimate to 2.25 million barrels per day from 2.35 million bpd.

This may imply a new budget that is 89.5% of the old one or ₦3.85 trillion, by the Nigerian Inquirer’s calculations.
“Given the recent drop in international oil prices from over $80 per barrel to under $70 per barrel, it is prudent to reverse the oil benchmark price to a more realistic level,” Jonathan said in his letter.
 

“On the expenditure side, it is necessary to reverse downwards the aggregate level of expenditure from the ₦4.6 trillion approved in the 2010 act and adjust the budget details accordingly,” he added.

However, he also asked the National Assembly to pass a ₦639.8 billion ($4.3 billion) supplementary spending plan, for unanticipated items, including the celebration of Nigeria’s 50th Independence Anniversary and a raise in civil servants’ pay.