Budget 2020 cut inevitable, says minister
A downward review of the N10.57 trillion 2020Appropriation Act is inevitable, the Federal Government said on Monday.
The adverse effects of the Novel Coronavirus (COVID-19) on the economy, especially the sliding crude oil prices, is responsible for the decision.
Finance, Budget and National Planning Minister Zainab Ahmed dropped the hint at the State House in Abuja after an emergency meeting with President Muhammadu Buhari.
At the meeting were: Minister of State for Finance Clement Agba; Minister of State for Petroleum Resources Timipre Sylva; Central Bank of Nigeria (CBN) Governor Godwin Emefiele and Nigerian National Petroleum Corporation (NNPC) Group Managing Director Mele Kyari.
They deliberated on the consequences of the COVID-19 outbreak on the economy.
Briefing reporters on the issues discussed with the President, Mrs. Ahmed, who is the chairman of the Committee, said the group has a mandate to do a quick assessment of the impact of the outbreak of COVID-19 on the nation’s economy, especially as it affects crude oil benchmark price.
According to her, the committee would today submit its findings to the President, adding that the quantum of the cut on the budget would depend on what the assessment reveals.
She said: “We just met with the President to discuss the matter of the impact of the Coronavirus on our economy and Mr. President has formed us into a committee, with the Minister of State, Petroleum Resources, the Central Bank of Nigeria (CBN) Governor, the GMD NNPC and myself as members.