President Muhammadu Buhari has set up a committee to assess the effects of the dwindling crude oil price on the 2020 budget.
The president had held an emergency meeting with members of the committee earlier on Monday.
As at 6:04 pm on Monday, Brent crude oil was trading at $36.15 per barrel but the approved 2020 budget has $57 as the benchmark.
The committee members are Minister of Finance /Budget and National Planning, Mrs Zainab Ahmed and Minister of State, Petroleum Resources, Timipre Sylva.
Other members are the Governor of Central Bank of Nigeria, Godwin Emefiele; the Minister of State, Budget, Clement Agba; and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari.
President Muhammadu Buhari
The committee to review the budget’s crude oil benchmark is chaired by Mrs Ahmed.
Addressing State House Correspondents after the meeting, she said the committee would decide whether to reduce the budget benchmark.
“But, what that figure will be is what the committee will decide,” the minister 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 N10.59 trillion budget.
The committee is expected to submit its report on Tuesday or Wednesday at the Federal Executive Council meeting.