FG Constitutes Committee to Review Oil Benchmark for 2020 Budget

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Omololu Ogunmade in Abuja

Following the drastic fall in the global price of crude oil, the federal government Monday in Abuja raised a committee to come up with a new oil benchmark for 2020 budget.

Buhari had on December 17, 2019 signed N10.59 trillion 2020 budget with $57 oil benchmark and N305 to $1 exchange rate.

But with the drastic fall in the global price of crude oil to $32 per barrel at the weekend, the government viewed the budget as clearly unimplementable, and thus necessitated the move to review its projections to reflect the current realities.

Members of the committee are the Minister of Finance, Zainab Ahmed, Central Bank Governor, Godwin Emefiele, Minister of State for Petroleum Resources, Timipre Sylva, and the Group Managing Director of the Nigeria National Petroleum Corporation, Melee Kyari.

Details later….