Amidst coronavirus scare Nigeria’s crude oil production climbs to 2.1 mbpd
The Minister of Finance, Budget and National Planning, Zainab Ahmed, says the nation’s oil production has increased to between two million barrels and 2.1 million barrels per day.
The minister disclosed this at the weekly Federal Executive Council meeting which was presided over by President Muhammadu Buhari, ”
“I will also like to inform this meeting that the crude oil production is now at 2 million barrels per day and in some days it has even moved to 2.1 million barrels per day.
“So that in itself would be a cushion. But all the same, we are not taking any measures now until we have a reasonable period within which we make a review,” she added.
Ahmed, who noted the current price of crude oil is 53 per cent, below the administration’s benchmark, stressed that the government is monitoring the situation.
“We are concerned because it does have an impact on revenue. The current crude oil price of 53 per cent is below the benchmark. So what we are doing is we are studying the situation. When the budget was passed, we are committed to doing a mid-term review.
We’re worried over the disease because it has negatively affected the nation’s revenue and this may mean us reviewing the 2020 budget following the outbreak of the Coronavirus Disease (COVID-19).
“Then we may need to do an adjustment to the budget through working together with the National Assembly,” she stated.