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HomeNewsGeneral NewsWhy FG Is Cutting Approved 2020 Budget

Why FG Is Cutting Approved 2020 Budget

Following the impact of the outbreak of Coronavirus on the global crude oil price, the Federal Government on Monday said it may reduce the approved 2020 National Budget, totalling N10.6trillion.

Why FG Is Cutting Approved 2020 Budget

Hajiya Zainab Ahmed, the Minister of Finance, Budget and National Planning, who briefed State House Correspondents after a meeting with President Muhammadu Buhari, said a five-man committee has been constituted to tackle the issue.

According to the Minister, the membership of the committee include herself; the Minister of State, Budget and National Planning, Clement Agba; the Minister of State, Petroleum Resources, Timipre Sylva; the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; and the Group Managing Director (GMD), the Nigeria National Petroleum Corporation (NNPC), Mele Kyari.

ALSO READ: Senate President Cries Out Over FG’s Failure To Release N620m For Isolation Centres

Zainab further said, the committee would revisit the crude oil benchmark price earlier put at $57 per barrel by reducing it.

She added that the decision to reduce the crude oil benchmark price would, however, be taken by the five-man committee she was leading.


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