Nigeria re-adjusting 2020 budget using oil at $20 per barrel benchmark -finance minister

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LAGOS, May 5 – Nigeria’s government is amending its 2020 budget to assume an oil price of $20 per barrel, Finance Minister Zainab Ahmed said on Tuesday in a web conference about the impact of low oil prices on Africa’s top crude exporter.

In March she said the budget would be cut and the initial assumed oil price of $57 per barrel would be reduced. Ahmed on Tuesday also said Nigerian oil and gas projects will be “delivered much later than originally planned” due to upstream budget cuts.

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