FG to Slash 2020 Budget Oil Price Benchmark to $20
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, Tuesday gave a strong indication that the federal government may lower the 2020 budget oil price benchmark from from $57 to $20.
Speaking on the occasion of a web conference on Citizens’ Dialogue Session on Government Fiscal Policy Decisions following the COVID-19 pandemic, Ahmed said this was to reflect the current oil price in the international market.
She said, “We are in the process of an amendment that is bringing down the revenue indicator to $20 per barrel.”
According to her, Nigeria has been having issues in crude oil sales and has no choice than to cut production below budget estimate.
Meanwhile, the International Monetary Fund (IMF) is reported to have already transferred the sum of $3.4 billion emergency assistance fund for Nigeria to the Central Bank of Nigeria (CBN).
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