John Ameh, Samuel Awoyinfa and ’Femi AsuThe President, Major General Muhammadu Buhari , will get a report on Tuesday on what his regime can do to salvage the N10.59tn budget.
The budget review committee, which was set up by Buhari on Monday, is chaired by the Minister of Finance, Budget and Planning, Mrs Zainab Ahmed.
Speaking with State House Correspondents after the meeting, Ahmed said the committee would determine the new benchmark for the budget. She added, “Where it will be lowered is the subject of this committee. What the impact will be on that is that there will be reduced revenue to the budget as it will cut the size of the budget.The Buhari regime gave its first hint on a possible cut of the budget after last week’s Federal Executive Council meeting.
Global oil prices have been unstable since January, worsening with the outbreak of coronavirus in China and its rapid spread to many countries. The global oil benchmark, Brent crude, plummeted by as much as 31 per cent to $31.02 on Monday, its lowest since mid-February 2016, but recovered slightly to $36.29 per barrel as of 6.15pm Nigerian time.
Saudi Arabia, on Saturday, fired the first shot in an oil price war, moving to hike its oil output and offering deep discounts to customers in markets such as Asia, Europe and the US to entice refiners to use Saudi crude. Rewane, who is a member of the Economic Advisory Council, said the nation’s entire macroeconomic strategy needed to be reset.
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