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06 March 2020

Federal Government consider review of 2020 budget, over Coronavirus

The Federal Government says COVID-19, otherwise known as coronavirus, has negatively impacted the country’s revenue which could lead to a review of the 2020 budget.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this while briefing State House correspondents at the end of the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari.

She explained that already, the international oil price had dropped, but added that oil production has increased between two million barrels and Two-point One million barrels per day.

Ahmed explained that the government was concerned because it did have an impact on revenue and the current crude oil price of fifty-three percent was below the budget benchmark.

The Minister said the government was studying the situation and when the budget was passed, there would be a midterm review and if the revenue was so significantly affected, there would be some revisions in the budget by way of budget adjustment.

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