FG To Amend 2020 Budget Oil Benchmark To $20pb
Plans are ongoing by the Federal Government to review the 2020 budget to reflect an oil benchmark of $20 per barrel.
A further downward revision will mean that the Federal Government has now dropped the benchmark from an initial $57 per barrel to $30. “We are in the process of an amendment that is bringing down the revenue indicator to $20 per barrel.” An 80% drop in estimated net oil & gas revenue available for Federation Account Allocation Committee distribution to N1.1 trillion against the N5.5 trillion previously earmarked.
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