• About
  • Contact Us
Wednesday, July 6, 2022
The Gist Day
No Result
View All Result
  • Login
  • News
    • All
    • National
    Fidelity Bank

    Multi-Billion Naira Debt: Fidelity Bank Takes Over Benin, Kano, Kaduna Discos Over

    Peter Obi Kwankwaso Labour Party

    2023 Election: Labour Party/NNP Merger DEAD – Doyin Okupe

    Eid-el-Kabir: FRSC Deploys 36,000 Personnel, 750 Patrol Vehicles, Ambulances

    Eid-el-Kabir: FRSC Deploys 36,000 Personnel, 750 Patrol Vehicles, Ambulances

    Kuje Prison Attack

    Terrorists Attack Kuje Prison Hours After Attack On Buhari’s Security Team

    Lagos

    Lagos Govt. Dismisses Judge Who Impregnates Complainant’s Wife

    Top Nigerian Newspaper Headlines For Today, Wednesday, 6th July, 2022

    Top Nigerian Newspaper Headlines For Today, Wednesday, 6th July, 2022

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Coronavirus
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
  • News
    • All
    • National
    Fidelity Bank

    Multi-Billion Naira Debt: Fidelity Bank Takes Over Benin, Kano, Kaduna Discos Over

    Peter Obi Kwankwaso Labour Party

    2023 Election: Labour Party/NNP Merger DEAD – Doyin Okupe

    Eid-el-Kabir: FRSC Deploys 36,000 Personnel, 750 Patrol Vehicles, Ambulances

    Eid-el-Kabir: FRSC Deploys 36,000 Personnel, 750 Patrol Vehicles, Ambulances

    Kuje Prison Attack

    Terrorists Attack Kuje Prison Hours After Attack On Buhari’s Security Team

    Lagos

    Lagos Govt. Dismisses Judge Who Impregnates Complainant’s Wife

    Top Nigerian Newspaper Headlines For Today, Wednesday, 6th July, 2022

    Top Nigerian Newspaper Headlines For Today, Wednesday, 6th July, 2022

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Coronavirus
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
No Result
View All Result
Morning News
No Result
View All Result
Home Business

Coronavirus: FG Moves To Reduce 2020 Budget

Emmanuel Onminyi by Emmanuel Onminyi
March 10, 2020
in Business, News, Politics
0
Coronavirus FG 2020 Budget
0
SHARES
45
VIEWS
Share on FacebookShare on Twitter

Following the impact of the outbreak of Coronavirus on the global crude oil price, the Federal Government of Nigeria has said that it may reduce the approved 2020 National Budget, totalling N10.6trillion.

READ ALSO

Stanbic IBTC Pension Managers Pledges Commitment to Enhancing Organisations’ Welfare

Multi-Billion Naira Debt: Fidelity Bank Takes Over Benin, Kano, Kaduna Discos Over

READ ALSO: Coronavirus: Italy Declares Total Lockdown

app

Briefing newsmen after a meeting with President Muhammadu Buhari in Abuja, Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, said a five-man committee has been constituted to tackle the issue.

She revealed that that membership of the committee includes herself; the 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 (CBN), Godwin Emefiele; and the Group Managing Director (GMD), the Nigeria National Petroleum Corporation (NNPC), Mele Kyari.

Eco Bank

Hajiya Ahmed further disclosed that the committee would revisit the crude oil benchmark price earlier put at $57 per barrel and ensure by its reduction.

app

Recall that the National Assembly had passed the 2020 budget at $57 per barrel Oil Benchmark Price before it slumped to $31 per barrel due to the outbreak of COVID-19 in some countries across the world.

In the meantime, Nigerians have been advised to brace up for a tough time as the economy is about the witness a drastic decline following the effect of the virus.

Analysing the implications of the virus for the nation’s economy, particularly for the projected GDP growth rate and real sector performance, a researcher and economist, Dr Adeniran Adedeji, noted that the virus has already hit world economic giants such as China, Italy and the USA with huge economic cost to the countries, especially their growth potential in the 2020 fiscal year.

app

Dr Adedeji stated: “The implication is lower revenue, which will further shrink an already tight fiscal space. This might lead to an economic slowdown, as budget implementation becomes a major issue. The productive sectors of the Nigerian economy will also be affected in other ways. Coronavirus is affecting the global supply chain, thereby limiting access to some final and intermediate goods.

He added: “This could affect the service sector in Nigeria that relies on importation from China. The manufacturing sector might also be unable to access vital inputs due to the disruption of the global supply chain. Lastly, business uncertainty and risks have grown with Coronavirus and this will significantly reduce investment inflow into the country.”

Also lending a voice on the implication of this development on the Nigerian economy, the Lagos Chamber of Commerce and Industry, noted that the price of crude oil price falling to an all-time low of $45.27 per barrel last Friday, against the oil price benchmark for 2020 budget at $57 per barrel, the slump in revenue could cause significant dislocations in the 2020 budget and in the economy, especially for a country already grappling with challenges of weak revenue performance and a complete erosion of fiscal buffers.

Tags: 2020 budgetCoronavirusCrude OilFG

Related Posts

Stanbic IBTC Pension Managers
Business

Stanbic IBTC Pension Managers Pledges Commitment to Enhancing Organisations’ Welfare

July 6, 2022
Fidelity Bank
Business

Multi-Billion Naira Debt: Fidelity Bank Takes Over Benin, Kano, Kaduna Discos Over

July 6, 2022
Peter Obi Kwankwaso Labour Party
News

2023 Election: Labour Party/NNP Merger DEAD – Doyin Okupe

July 6, 2022
Eid-el-Kabir: FRSC Deploys 36,000 Personnel, 750 Patrol Vehicles, Ambulances
News

Eid-el-Kabir: FRSC Deploys 36,000 Personnel, 750 Patrol Vehicles, Ambulances

July 6, 2022
Kuje Prison Attack
News

Terrorists Attack Kuje Prison Hours After Attack On Buhari’s Security Team

July 6, 2022
Dollar To Naira Black Market Exchange Rate Today 6th July 2022
Business

Dollar To Naira Black Market Exchange Rate Today 6th July 2022

July 6, 2022
Next Post
Buhari NDDC Niger Delta

More Than N3.7 billion Recovered From NDDC - Buhari

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

app

app
GTBank ADs GTBank ADs GTBank ADs

LATEST NEWS

Muhammad Barkindo, OPEC Secretary-General, Is Dead

Muhammad Barkindo, OPEC Secretary-General, Is Dead

July 6, 2022
25 Of The Latest Ankara Short Gown Styles For 2022

25 Of The Latest Ankara Short Gown Styles For 2022

March 10, 2022

LOOMING STRIFE IN DELTA OIL COMMUNITIES AS STAKEHOLDERS ACUSE CHEVRON OF FRUSTRATING AWARD OF CONTRACTS FOR ITSEKIRI REGIONAL DEVELOPMENT COMMITTEE (I.R.D.C)

July 4, 2022
Week 52 Pool Fixture for Sat 2, July 2022: Aussie 2022

Week 52 Pool Fixture for Sat 2, July 2022: Aussie 2022

June 28, 2022
Week 1 Pool Fixture for Sat 9, July 2022: Aussie 2022

Week 1 Pool Fixture for Sat 9, July 2022: Aussie 2022

June 28, 2022

EDITOR'S PICK

Veteran Actress Orisabunmi Is Dead

Veteran Actress Orisabunmi Is Dead

January 6, 2021
#EndSARS: Gov Oyetola of Osun Suspends 24-Hour Curfew

#EndSARS: Gov Oyetola of Osun State Suspends 24-Hour Curfew

October 23, 2020
Burna Boy Dedicates New Single, ‘20.10.20’ To Lekki Toll Gate Massacre

Burna Boy Signs Deal With Kobalt Neighboring Rights

May 20, 2021
Afrobeat Musician Lagbaja Reacts To Birthday Greetings, He Said “May 19 Not My Birthday”

Afrobeat Musician Lagbaja Reacts To Birthday Greetings, He Said “May 19 Not My Birthday”

May 20, 2020

About

We bring you the stories that perfect for news, finance, politics etc. Check our landing page for details.

Follow us

Categories

  • A Call to Prayer
  • Appointments
  • Business
  • Celebrities
  • Coronavirus
  • Corporate Amazon
  • Economy
  • Education
  • Entertainment
  • Environment
  • Fashion
  • Financial Literacy
  • From the Kaaba
  • From the Pulpit
  • Gist & Jabs
  • Health
  • Jobmart
  • Lifestyle
  • Living
  • Metro Gist
  • National
  • News
  • Op-Ed
  • Opinion
  • Politics
  • Press Release
  • Religion
  • Sport
  • State News
  • Tech
  • Tourism
  • Travel
  • Uncategorized
  • World News

Recent Posts

  • Stanbic IBTC Pension Managers Pledges Commitment to Enhancing Organisations’ Welfare
  • Richard Mofe Damijo releases stunning photos to mark 61st birthday
  • Popular pastor gifts homeless veteran Nollywood actor Kenneth Aguba free accommodation
  • Multi-Billion Naira Debt: Fidelity Bank Takes Over Benin, Kano, Kaduna Discos Over
  • Disclaimer
  • Home 2
  • Ikoyi building collapse: Corper who redeployed from Borno to Lagos, confirmed dead
  • Privacy Policy
  • Sample Page
  • TheGistDay
  • Whitemoney And New Lady Spotted Stepping Out Of Hotel Together (Video)

© 2022 TheGistDay.

No Result
View All Result
  • News
  • Business
  • National
  • Politics
  • Opinion
  • Coronavirus
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel

© 2022 TheGistDay.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Posting....