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The Minister of Finance, Budget and National Planning, Zainab Ahmed, says the outbreak of Covid-19 has negatively impacted Nigeria’s oil revenue, saying a mid-term review of the 2020 budget will be carried out to reflect the realities on the ground.
The minister stated this when she fielded questions from State House correspondents at the end of the meeting of the Federal Executive Council, which was presided over by the President, Major General Muhammadu Buhari (retd.), at the State House, Abuja, on Wednesday.
According to her, the international oil price has dropped to 52dollars below the budget benchmark of 57dollars per barrel, impacting negatively on the nation’s estimated revenue for the fiscal year.
The minister, however, revealed that the nation’s oil production had increased between two million barrels and 2.1 million barrels per day.
“We are concerned about the current drop in oil price because it’s now below our budget.
“I am glad to inform you that our oil production as of today is two million barrels per day and at times slightly higher. That in its self will be a cushioning effect for us in the current oil price.
“We will do a mid-term review, and if the impact is so much, we will need to do an adjustment in the budget working together with the National Assembly.”