The country’s revenue from oil and gas dropped by N425.52bn in the first quarter of 2020 to N940.91bn, Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Friday.
She disclosed this in her presentation at the National Economic Council’s first virtual meeting, according to a statement by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande.
For instance, she noted that “COVID-19 has resulted in the collapse in oil prices,” stressing that this would impact negatively on federation revenues and foreign exchange earnings. Giving more updates, she said excess crude account had a balance of $72,4m as of May 21, 2020; stabilisation account had N39.33bn; while natural resources and development fund account had N125.19bn.
It stated that they specifically decided to set up a lean committee of seven to work with the Presidential Task Force on COVID-19.
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