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Nigeria Plans Budget Review After Covid-19 Hits Oil Prices

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Photographer: Trevor Snapp/Bloomberg

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Nigeria may have to adjust its budget this year after fears of coronavirus pandemic dragged the price of crude under the target set in its 2020 spending plan.

“The current crude oil price of $53 a barrel is below the budget benchmark. So what we are doing is studying the situation. We are committed to doing a midterm review,” Zainab Ahmed, Nigeria’s Minister of Finance told reporters in Abuja, the nation’s capital.