However, in the revised budget proposal currently before the National Assembly, the deficit was increased by N2.736trn to N4.563trn.

She said in the revised budget, the deficit would be part-financed through domestic borrowing of N2.188trn and external borrowing of N1.984trn.

Stimulus package in place in case of recession

Meanwhile, the Minister of Finance, Budget and National Planning, Zainab Ahmed, in her presentation before the Senate Committee on Finance, allayed the fears of a drastic effects of a recession in the country.

The N1.5trn earlier proposed for the Nigeria Customs Service was reduced to N950bn; N463bn earlier projected as stamp duty revenues for the Federal Inland Revenue Service now reduced to N200bn; N1.222trn earlier projected for NNPC's federally funded projects now reduced to N484bn.

The revenue projection from stamp duty was reduced from N463bn to N200bn in the revised 2020 budget proposal.