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Home Economy Budget

COVID-19: President Buhari sets up committee to look at impact on 2020 budget

Chike Olisah by Chike Olisah
March 9, 2020
in Budget, Business News, Politics
NDDC, Cash transfer, President Buhari, non-oil Exports, oil revenue, export revenue, FG Waives import duties for medical supplies, Orders Customs to expedite clearing, Presidency faults report on Kyari as Buhari didn’t cancel memos, appointments approved by him

President Muhammadu Buhari

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As the Coronavirus that has become a global menace rages on, President Muhammadu Buhari has set up a committee to assess its impact on Nigeria’s 2020 budget. 

The committee has the mandate to assess how the budget will be affected by the crash of crude oil prices to $30 per barrel. 

The committee, which is chaired by the Minister of Finance, Budget and National Planning, Zainab Ahmed has other members. They are Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, Minister of State for Petroleum Resources, Mr Timipre Sylva, Minister of State for Budget and National Planning, Mr Clement Agba and the Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mela Kyari. 

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The Finance Minister while addressing state house correspondents, pointed out that the committee will decide whether to reduce the budget benchmark of $57 per barrel. She said the committee will determine what the figure will be as reducing the benchmark will also lead to a reduction in the size of the N10.59 trillion budget. 

The committee is expected to submit its report to the President on Tuesday.  


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Tags: 2020 National BudgetCorona VirusCovid-19How oil price affects budgetMinistry of FinanceMuhammadu BuhariNigerian Business News
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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