The President, Muhammadu Buhari set up a committee to reassess Nigeria’s 2020 budget to assess how the fall in crude oil price from $57 per barrel to $30 per barrel will affect the pre-existing budget.
The meeting will be led by Mrs. Zainab Ahmed – the Minister of Finance/ Budget and National Planning. Other members of the committee includes, Mr. Clement Agba – the Minister of State Budget, Mr. Godwin Emefiele – The Governor of Central Bank of Nigeria, Mr. Timipre Sylva – the Minister of State Petroleum Resources and Mr. Mela Kyari – the Group Managing Director of the Nigeria National Petroleum Corporation.
The Federal government declared this immediately after the announcement of the massive decline in crude oil prices.
The 2020 budget was made on the assumption that crude oil would be sold at $57 per barrel with a daily production capacity of $2.1 million barrels per day.
The planning committee is expected to submit the final report at the Federal Executive Council meeting on Tuesday.
