The federal government has announced the slashing of oil benchmark price from $57 per barrel to $30 as approved in the 2020 budget. The federal government also slashed crude oil production from to 1.7 million barrels per day from the 2.18 million barrel per day as stated in the 2020 budget.
Minister of Finance, Budget and National Planning, Zainab Ahmed stated this in a press conference in Abuja on Monday. She added that “The budget office of the federation is currently working on a revised 2020-2022 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP),” The minister also stated that the proposed amendment of the budget with providing the COVID-19 crisis Intervention find other adjustments due to the decline in crude oil prices.
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