BREAKING: FEC Okays Revised 2020 Budget, Pegs Oil Benchmark At $25 Per Barrel

The Federal Executive Council has approved the revised Medium Term Expenditure Framework and the 2020 budget, while it cut the oil benchmark by 16.6%,  to $25 a barrel.

The government had earlier revised the country’s budget oil benchmark from $57 per barrel to $30 per barrel due to the falling  crude oil prices.

The Minister of Finance, Minister of Budget and National Planning , Zainab Ahmed, had hinted  of a further revision of the benchmark recently.

Based on the new adjustments, the  revised estimates are based on $25 per barrel of crude oil at a production rate of 1.94 million barrels per day.