Crude price slump:  FG to review 2020 budget $57 crude oil benchmark

… President Buhari sets up committee on Coronavirus impact on economy

Following a crash of crude oil price in the international market, the Federal Government says it will revisit crude oil benchmark price of $53 per barrel for the 2020 budget.

This announcement came on the heels of the crash of crude oil price globally from $53 per barrel to $31 per barrel.

Persecondnews recalls that the 2020 Appropriation Act was predicated on crude oil bench of $57 per barrel and daily production capacity of 2.1 million barrels per day.

Meanwhile, President Muhammadu Buhari has set up a committee headed by the Minister of Finance, Budget and National Planning, Zainab Ahmed, to review impact of coronavirus on the economy.

Other members of the committee are: Minister of State for Petroleum Resources, Chief Timipre Sylva, and his colleague in the Budget and National Planning Ministry, Mr Clement Agba.

Also in the committee are  Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mela Kyari.

The committee is to submit its report on Tuesday or Wednesday at the Federal Executive Council meeting.

Details soon…