COVID-19: FG may review 2020 budget — Finance Minister
The Federal Government yesterday said COVID-19, otherwise known as coronavirus, has negatively impacted on the country’s revenue which could lead to a review of 2020 budget.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this while briefing State House correspondents at the end of the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.
She explained that already, the international oil price had dropped, but added that oil production has increased between two million barrels and 2.1 million barrels per day.
“We are concerned because it does have an impact on revenue and at the current crude oil price of 53 per cent 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. Today at Council, the Ministry of Budget and National Planning
together with the Minister of State Petroleum Resources, presented a joint