Why COVID-19 May Force Review of 2020 Budget — FG

Related stories

Seplat Energy Successfully Holds 12th AGM Meeting

By Abiola Olawale Seplat Energy Plc, Nigeria’s leading independent energy...

Tinubu Hosts Alaafin of Oyo at Aso Rock

By Abiola Olawale President Bola Ahmed Tinubu hosted His Imperial...

FG Didn’t Relocate Ministerial Briefings to London, Minister Dismisses Reports

By Kolawole Ojebisi The Federal Government has debunked reports making...

Following the effect of Coronavirus outbreak on global crude oil prices, the federal government is contemplating a review of the 2020 budget, which is based on a benchmark of $57 per barrel.

The crude oil price has recently fallen to $53 per barrel, which puts the nation’s revenue at risk.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, who briefed State House correspondents on the outcome of the Federal Executive Council (FEC) meeting in Abuja on Wednesday, said the government will study the situation before embarking on any cause of action.

She said if necessary, the executive would work with the National Assembly to revise the budget.

Answering questions on the impact of the disease outbreak, she said: “We are concerned because it does have an impact on revenue and at the current crude oil price of $53 per barrel is below the budget benchmark.

“What we are doing is that we are studying the situation and when the budget was passed we committed to do a midterm review.

“We will do the midterm review and if the revenue is so significantly affected, we will have to do some revisions in the budget by way of budget adjustment.

“I will want to inform that the crude production is now at 2 million barrels per day and in some days it has moved up to 2.1 million barrels per day. So, that in itself will be a cushion.

“All the same, we are not taking any measures now until we have a reasonable period, we make a review and then we may need to make an adjustment of the budget through working together with the National Assembly,” she said.

'Dotun Akintomide
'Dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

Latest News
Seplat Energy Successfully Holds 12th AGM MeetingTinubu Hosts Alaafin of Oyo at Aso RockLabour Party Crisis: "Abure is a mole, Has Committed unethical things" Nenadi Usman Exposes AbureFani-Kayode Blasts Bandits feeding Dogs with twins:"Can There Be A More Calous Crime, Bestial Act of Savagery, Barbarity'?FG Didn't Relocate Ministerial Briefings to London, Minister Dismisses ReportsPolice Allay Lagosians' Fear, Say Men In Viral Video Are Dangote Refinery WorkersUtomi Talks Tough, Says He’s Ready to Face DSS in Court Over Shadow Cabinet's AllegationsUmahi Makes Shocking Revelation, Says Tinubu Has Invested N2.2tn in InfrastructureGabon’s Ousted Leader Ali Bongo, Family Regain freedom, Relocate to Angola, Says PresidencyTinubu Jets Out of Abuja For Pope Leo's InaugurationInsecurity: Opayemi Bamidele Chairs 20-member Senate Committee on Security Summit2027: PDP Can Defeat Tinubu, Obi, APC, LP Without Coalition -- Abba MoroFresh Trouble for VeryDarkMan as IGP Re-Arraigns Him Over Alleged Cyberbullying of Iyabo Ojo, Tonto Dikeh, OthersEPL Champions League Qualification Race Intensifies As Chelsea, Manchester City, Newcastle, Others Vie for Top Five SpotsDetails as Police Arrest Chris Brown In UK Over Alleged 2023 Bottle Fight
X whatsapp