Yusuf Bello| The federal government may review the 2020 budget over the economic impact of coronavirus, finance minister, Zainab Ahmed said on Wednesday.
Ahmed said there are plans for a review to determine if a budget adjustment will be enforced.
The minister who made the disclosure while speaking with newsmen at the end of Wednesday’s federal executive council meeting, said there are concerns over the spread of the disease as it has economic impact.
According to her, crude oil production is now between two million and 2.1 million barrels per day, which is below the benchmark on which the budget was prepared.
She said, “We are concerned because it does have an impact on revenue and at the current crude oil price of $53 is below the budget bench mark. What we are doing is that we are studying the situation and when the budget was passed we committed to do a midterm review.”
“We will do the midterm review and if the revenues are so significantly affected, we will have to do some revisions in the budget by way of budget adjustment.
“I will want to inform you that the crude production is now at 2 million barrels per day and in some days it has moved up to 2.1 million barrels per day, so that in itself will be a cushion.
“All the same we are not taking any measures now until we have a reasonable period to make a review and then we may need to make an adjustment of budget through working together with the national assembly.”
The minister of science and technology, Ogbonnaya Onu, while also speaking with newsmen, said the US is currently conducting tests on the chemical compound discovered by Nigerian Professor, Maurice Iwu as a potential cure for coronavirus.
Iwu, the chief executive officer of Bioresources Institute of Nigeria (BION), a research organisation, earlier in the week, said his team had developed a medication that will probably cure the Coranavirus.
“They are testing it in the US to confirm whether this could be a cure for Covid-19 or SARS,” Onu said.
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