As Nigeria is reeling from oil price fall due to the COVID-19 situation, the government has set up a committee to review 2020 preparatory to cutting down on its spending
The committee comprises of the minister of finance and budget planning, Zainab Ahmed as the head; Timipre Sylva, junior minister petroleum resources; Godwin Emefiele, governor of the Central Bank of Nigeria and Mele Kolo Kyari, group managing director of the Nigerian National Petroleum Corporation (NNPC).
Ahmed, who announced the committee, said, “The mandate is to make a very quick assessment of the impact of this coronavirus on the economy, especially as it affects the crude oil price.”
“It is very clear that we will have to revisit the crude oil benchmark price that we have US$57 per barrel. We have to revisit it and lower the price.”
She added, “The quantum of the cut is what we are supposed to assess as a committee.”