The federal government says it is considering adjusting further, the benchmark crude oil price in the 2020 budget down to $20 per barrel.
last December, crude oil benchmark price was put at $57 per barrel.pandemic, which impacted the international crude oil market, resulting in the drastic slide in oil prices below $30 per barrel, the government cut the budget estimates by 30 per cent and reviewed the budget fundamentals.
The online session was organised by the Federal Ministry of Finance and National Planning in collaboration with the UK Department for International Development and Partnership to Engage, Reform and Learn . Indications are that whatever gains may have been recorded in an effort to ensure the economy recovered from the impact of the 2016 recession has been wiped out by the crisis, pushing the economy deeper into the negative zone than previously.
She said at the moment, about 58 to 60 per cent of the country’s earnings go into servicing debts, a development that compelled the recent decision by the government to cancel its plan to borrow N850 billion externally and refocus it to domestic sources.
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