By Harry Awurumibe, State House, Abuja
Apparently worried over the dwindling oil revenue occasioned by the novel Coronavirus, President Muhammadu Buhari has set up a committee to assess the impact of the raging Covid-19 on Nigeria’s 2020 Budget.
The committee’s primary job is to assess how the crash of crude oil prices to $30 per barrel will affect the budget.
The committee is chaired by the Minister of Finance /Budget and National Planning, Mrs Zainab Ahmed.
Other members are the Minister of State, Petroleum Resources, Mr Timipre Sylva; the Governor of Central Bank of Nigeria, Mr Godwin Emefiele; the Minister of State, Budget, Mr Clement Agba; and the Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mela Kyari.
Speaking to the State House Correspondents today in Abuja after meeting with the President, Ahmed, said the committee would decide whether to reduce the budget benchmark of $57 per barrel.
“But, what that figure will be is what the committee will decide”, she stated.
Ahmed added that in the event it became necessary to reduce the benchmark, the committee will also recommend a reduction in the size of the N10.59trillion budget.
According to her, the committee is to submit a report to Buhari on tomorrow or next (Tuesday or Wednesday).
Also speaking at the briefing, Minister of State for Petroleum Resources, Slyva said that the issue of Nigeria engaging Russia in the face of the global oil crisis does not arise as Nigeria being a member of OPEC can not on her own approach Russia to cut oil production to save Nigeria.
