FG to revisit $57 crude oil benchmark price

The Federal Government has announced that it will revisit the crude oil benchmark price of $53 per barrel used to prepare the 2020 budget.

This announcement came on the heels of the crash of crude oil price in the international market from $53 per barrel to $31 per barrel.

The 2020 budget was predicated on crude oil bench of $57 per barrel and daily production capacity of 2.1 million barrels per day.

This is even as President Buhari has set up a committee, headed by the Minister of Finance, Budget and National Planning, Zainab Ahmed, to review the impact of coronavirus on the economy.

Members of the committee are the Minister of State Petroleum Resources, Timipre Sylva, and his colleague in the Minister of State, Budget and National Planning, Clement Agba.

Others are Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mela Kyari.

The committee is to submit its report on Tuesday or Wednesday at the Federal Executive Council meeting.

-The Sun