The Minister of Finance, Budget and National Planning, Zainab Ahmed, says Nigeria may have to review the 2020 budget following the outbreak of the Coronavirus Disease (COVID-19).
Speaking at the end of weekly Federal Executive Council meeting which was presided over by the President Muhammadu Buhari on Wednesday, the Minister noted that the Federal Government is worried over the disease because it has negatively affected the nation’s revenue.
Ahmed, who noted the current price of crude oil is 53 per cent, below the administration’s benchmark, stressed that the government is monitoring the situation.
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“We are concerned because it does have an impact on revenue. The current crude oil price of 53 per cent is below the benchmark. So what we are doing is we are studying the situation. When the budget was passed, we are committed to doing a mid-term review.
“Then we may need to do an adjustment to the budget through working together with the National Assembly,” she stated.
The minister, however, revealed that the nation’s oil production had increased between two million barrels and 2.1 million barrels per day.
“I will also like to inform this meeting that the crude oil production is now at 2million barrels per day and in some days it has even moved to 2.1million barrels per day.
“So that in itself would be a cushion. But all the same, we are not taking any measures now until we have a reasonable period within which we make a review,” she added.
