The Federal Executive Council (FEC) has approved the revised Medium Term Expenditure Framework and the 2020 budget.

The revised estimates are based on $25 per barrel of crude oil at a production rate of 1.94 million barrels per day.

The approval was given by the President at a virtual Federal Executive Council meeting at the Presidential Villa, Abuja.

Vice President, Yemi Osinbajo, seven ministers, the SGF and the new Chief of Staff to the President, Ibrahim Gambari attended the virtual FEC meeting occasioned by the coronavirus pandemic.

The Federal government suspended its regular meeting on March 18 as part of measures to curb the spread of COVID-19.