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Coronavirus: FG to review 2020 budget as oil revenue drops

We are concerned about the current drop in oil price because it’s now below our budget.

Thursday, March 5, 2020

/ by Joe Adams
Zainab Ahmed 
Following a free fall of crude oil revenue due to the outbreak of coronavirus, the Federal Government has announced plans to review the 2020 budget.

The price of crude oil was above $60 per barrel when Buhari signed the N10.59tn budget into law in December last year.



The budget has an oil benchmark of $57 per barrel.

However, the Minister of Finance / Budget Planning, Mrs Zainab Ahmed, said on Wednesday that the government was worried about the drop in oil revenue and would soon start a mid - term review of the budget to determine the way forward.




“We are concerned about the current drop in oil price because it’s now below our budget.

“We will do a mid - term review, and if the impact is so much, we will need to do an adjustment in the budget, working together with the National Assembly,” Ahmed told State House correspondents after Wednesday’s Federal Executive Council meeting in Abuja.



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