FG to revisit $57 crude oil benchmark price
The Federal Government has announced that it will revisit crude oil benchmark price of $53 per barrel used to prepare the 2020 budget.
This announcement came on the heels of the crash of crude oil price in the inte bowl market from $53 per barrel to $31 per barrel.
The 2020 budget was predicated on crude oil bench of $57 per barrel and daily production capacity of 2.1 million barrels per day.
This is even as President Muhammadu Buhari has set up committee, headed by the Minister of Finance, Budget and Natoonal Planning, Zainab Ahmed to review impact of coronavirus on the economy.
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Members of the committee are: Minister of State Petroleum Resources, Timipre Sylva, and his colleague Minister of State, Budget and National Planning, Clement Agba.
Others are Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mela Kyari.
The committee is to submits its report Tuesday or Wednesday at the Federal Executive Council meeting.
