Oil Benchmark Slashed To $30 Per Barrel By Nigerian Government

The Nigerian Government on Wednesday proposed $30 per barrel of oil so as to work the 2020 national budget around that.

The announcement was made by the Minister of Finance, Zainab Ahmed, in Abuja.

Ahmed advised a review of the 2020 budget using a $30 per barrel price benchmark in favour of the previous $57.

She also said, “The privatisation proceeds will be cut by 50 per cent, based on the adverse economic outlook on sales of the Independent Power Projects and other assets.

“The Federal Government is working on Fiscal Stimulus Measures to provide fiscal relief for taxpayers and key economic sectors.

“We will incentivise employers to retain and recruit staff during the economic downturn.

“We will stimulate investment in critical infrastructure; review non-essential tax waivers to optimise revenues, and compliment monetary and trade interventions to respond to the crisis.”

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