The Federal Government has announced that it had cut its revenue target from privatisation by 50 per cent.

The Minister of Finance, Zainab Ahmed, made the announcement in a meeting between the executive arm of government and the leadership of the National Assembly in Abuja.

The meeting, according to a statement by the Senate President media office, was meant to review the 2020 budget and Medium Term Expenditure Framework against the background of the impact of the coronavirus pandemic on global economy.

She also announced the reduction in revenue expected from the Nigeria Customs Service from 1.5 rillion naira to 943 billion naira.

The finance minister confirmed a review of the budget oil benchmark from 57 dollars to 30 dollars per barrel.

She said this was done to prepare for the worst case scenario as well as insulate the Nigeria economy against any form of unexpected crisis.

Ahmed also told the leadership of the National Assembly that budgeted revenues for the Nigeria Customs Service had been reduced from N1.5tn to 943 billion due to anticipated reduction in trade volumes.