The Federal Government says there is possibility of reducing the 10.6 trillion naira 2020 budget following the impact of the coronavirus outbreak on the global crude oil price.
The oil yardstick, which was 51 dollars per barrel early last week, has lately fallen to 31 dollars due to the outbreak of coronavirus in some countries across the world.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who briefed told State House correspondent after a meeting said President Muhammadu Buhari has constituted a five-man committee to tackle the issue.
Zainab added that apart from her, other members of the committee were Minister of State, Budget and National Planning, Clement Agba; the Minister of State, Petroleum Resources, Timipre Sylva; the Governor of the Central Bank of Nigeria, Godwin Emefiele and the Group Managing Director, the Nigeria National Petroleum Corporation, Mele Kyari.
The Minister said the committee would either brief Buhari soon, stressing that the crude oil benchmark price at 57 dollar per barrel will be revisited by lowering the price.