#Coronavirus:  FG To Cut Budget, Seeks New Oil Benchmark
Channel: Plus TV Africa
Date: 11/03/2020

Amid tumbling prices of crude oil, the Federal Government is set to cut the country’s 2020 budget. President Muhammadu Buhari will get a report on Tuesday (today) on what his regime can do to salvage the N10.59tn budget. The budget review committee, which was set up by Buhari on Monday, is chaired by the Minister of Finance, Budget and Planning, Mrs Zainab Ahmed. Its primary duty is to review the $57 oil benchmark for the budget and ultimately recommend an appropriate size, down from the current N10.59tn. Other members are the Minister of State, Petroleum Resources, Timipre Sylva; Governor of the Central Bank of Nigeria, Godwin Emefiele; and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari.