The Federal Government has announced plans to review the 2020 budget as crude oil revenue comes under pressure from the effects of the raging coronavirus infection globally.
The Minister of Finance/Budget Planning, Mrs Zainab Ahmed, said on Wednesday that the government was worried about the drop in oil revenue and would soon start a mid-term review of the budget to determine the way forward.“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,” Ahmed told State House correspondents after Wednesday’s Federal Executive Council meeting in Abuja.
As of Wednesday when the minister spoke, the price hovered around $53 per barrel, recording a loss of $4 off the benchmark. The minister also spoke on the FEC’s approval of the revised sum of $2.5bn for the Ajaokuta-Kaduna-Kano gas pipeline project. The original proposal for the project in 2017 was $2.89bn.
Ehanire stated that so far, government had released a total of N935m to the Nigerian Centre for Disease Control to procure all the medical supplies it would need to make adequate preparations for the infection.
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