JUST IN: FG cuts oil benchmark to $30 per barrel — Daily Times Nigeria

JUST IN: FG cuts oil benchmark to $30 per barrel

Daily Times gathered that both parties' agreement to withdraw legal action was borne out of the need to avoid subverting the Federal Government's efforts at ensuring adequate supply of products, especially, petrol in the country.

The federal government has announced the slashing of oil benchmark price from $57 per barrel to $30 as approved in the 2020 budget.
The federal government also slashed crude oil production from to 1.7 million barrels per day from the 2.18 million barrel per day as stated in the 2020 budget.

Minsiter of Finance, Budget and National Planning, Zainab Ahmed stated this in a press conference in Abuja on Monday.
She added that “The budget office of the federation is currently working on a revised 2020-2022 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP),”
The minister also stated that the proposed amendment of the budget with provide the Covid-19 crisis Intervention find other adjustment due to the decline in crude oil prices

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