Federal Executive Council has given approval for the revised Medium Term Expenditure Framework and the 2020 budget. The revised budget is established on $25 per barrel of crude oil at a production rate of 1.94 million barrels per day. Minister of Finance, Zainab Ahmed had previously indicated that the revision was to be based on declining international oil prices and the effects of the Coronavirus pandemic. She also suggested that the oil benchmark would be reduced from the initial $57 per barrel to $30. “`html Federal Executive Council approves revised 2020 budget

The revised Medium Term Expenditure Framework and the 2020 budget has been approved by the Federal Executive Council.

The revised budget is based on $25 per barrel of crude oil at a production rate of 1.94 million barrels per day.

Recall that the Minister of Finance, Zainab Ahmed said that the revision will be based on declining international oil prices and the impact of the Coronavirus pandemic. She had also hinted that the federal government will drop the oil benchmark from the initial $57 per barrel to $30.