BUSINESS
Budget: FG to retain $30 benchmark despite oil price fall
Published April 26, 2020
Ifeanyi Onuba
The Federal Government is not considering tinkering with the $30 per barrel oil price benchmark for the 2020 budget despite the drop in crude oil price, investigations have revealed.
Crude oil prices had dropped from about $46.64 per barrel in February to less than $20 per barrel.
The Federal Government had in the 2020 budget proposal revised downward the revenue projection for the 2020 fiscal period by N3.3tn from the initial approved amount of N8.41tn to N5.08tn.
The reduction in revenue projection was due to the negative impact of the coronavirus pandemic.
The pandemic has so far led to unprecedented drop in global crude oil prices.
The outbreak of the deadly virus in Nigeria had resulted in the lockdown of many states in Nigeria, a development that has paralysed economic activities.
Source:https://punchng.com/budget-fg-to-retain-30-benchmark-despite-oil-price-fall/
Budget: FG to retain $30 benchmark despite oil price fall
Published April 26, 2020
Ifeanyi Onuba
The Federal Government is not considering tinkering with the $30 per barrel oil price benchmark for the 2020 budget despite the drop in crude oil price, investigations have revealed.
Crude oil prices had dropped from about $46.64 per barrel in February to less than $20 per barrel.
The Federal Government had in the 2020 budget proposal revised downward the revenue projection for the 2020 fiscal period by N3.3tn from the initial approved amount of N8.41tn to N5.08tn.
The reduction in revenue projection was due to the negative impact of the coronavirus pandemic.
The pandemic has so far led to unprecedented drop in global crude oil prices.
The outbreak of the deadly virus in Nigeria had resulted in the lockdown of many states in Nigeria, a development that has paralysed economic activities.
Source:https://punchng.com/budget-fg-to-retain-30-benchmark-despite-oil-price-fall/
