President Muhammadu Buhari has set up a committee to review
the 2020 budget crude oil benchmark.
This is coming after the president held an emergency meeting
over the falling crude oil price.
Godwin Emefiele, governor of the Central Bank of Nigeria and
Zainab Ahmed, the minister of finance, budget and national planning; Timipre
Sylva, the minister of state for petroleum; Mele Kyari, the group managing
director of the Nigerian National Petroleum Corporation (NNPC), and Clement
Agba, the minister of state for budget and national planning were at the
meeting.
At the meeting, the president set up a committee to be
headed by Ahmed to review the crude oil budget benchmark.
Other members of the committee are Emefiele, Sylva, Kyari
and Agba.
The committee is expected to submit its report on Wednesday
at the federal executive council meeting.
The 2020 budget proposal was prepared with $53 as the crude
oil budget benchmark.
The approved budget has $57 as the crude oil benchmark.
As at 4:20pm on Monday, crude oil was trading at $36.85 per
barrel.
TheCable had reported that oil prices tumbled after talks
between the Organisation of Petroleum Exporting Countries (OPEC) and its allies
collapsed.
Russia disagreed with a proposal for new production cuts
that would last till December 2020 and Saudi Arabia has begun to offer
discounts to its crude oil buyers.
The current OPEC production cuts would expire in March.
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