The Federal Executive Council has approved the revised Medium Term Expenditure Framework and the 2020 budget.
The revised estimates are based on $25 per barrel of crude oil at a production rate of 1.94 million barrels per day.
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Earlier, Minister of Finance, Zainab Ahmed had hinted that the government would make the revision based on declining international oil prices and the impact of the coronavirus pandemic.
Ms. Ahmed, who is also the Minister of Budget and National Planning, had told Reuters that the government would drop the oil benchmark from the initial $57 per barrel to $30.
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