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Business News

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

President Muhammadu Buhari has set up a committee to assess its impact on Nigeria’s 2020 budget

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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. 

READ ALSO: Reps to engage EFCC against Telcos over alleged N200 billion NITDA debt  

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.  

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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