The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, declared on Wednesday that the Covid-19 outbreak has negatively impacted Nigeria’s oil revenue, thus necessitating a mid-term review of the 2020 budget to reflect the realities on the ground.
The minister stated this when she fielded questions from State House correspondents at the end of the Federal Executive Council (FEC) meeting, presided over by the President Muhammadu Buhari (retd.), at the State House, Abuja.
The Minister said the international oil price had dropped to US$52, which is below the budget benchmark of US$57 per barrel, impacting negatively on the nation’s estimated revenue for the fiscal year.
The minister, however, revealed that the nation’s oil production had increased from two million barrels per day to 2.1 million.
“We are concerned about the current drop in oil price because it’s now below our budget,”Mrs. Ahmed said.
“I am glad to inform you that our oil production as of today is two million barrels per day and at times slightly higher. That in its self will be a cushioning effect for us in the current oil price.
“We will do a mid-term review, and if the impact is so much, we will need to do an adjustment in the budget working together with the National Assembly.”
- NAN
