Buhari sets up committee to assess coronavirus impact on 2020 budget

FG to review revenue sharing formula

President Muhammadu BuharI

 

President Muhammadu Buhari has set up a committee to assess the impact of the raging coronavirus on Nigeria’s 2020 budget.

The committee’s primary job is to assess how the crash of crude oil prices to $30 per barrel will affect the budget.

The committee is chaired by the Minister of Finance, Budget and National Planning, Zainab Ahmed.

Other members are the Minister of State, Petroleum Resources, Timipre Sylva; the Governor of Central Bank of Nigeria, Godwin Emefiel; the Minister of State, Budget, Clement Agba; and the Group Managing Director of the Nigerian National Petroleum Corporation, Mela Kyari.

The committee is to submit a report to Buhari today. 

Ahmed, who addressed State House Correspondents after the meeting, said the committee would decide whether to reduce the budget benchmark of $57 per barrel.

“But, what that figure will be is what the committee will decide,” she stated.

Ahmed added that in the event it became necessary to reduce the benchmark, the committee will also recommend a reduction in the size of the N10.59trillion budget.