Buhari sets up cttee to revisit 57 oil benchmark

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President Muhammadu Buhari has set up a committee to revisit the 57-dollar per barrel oil benchmark used in the 2022 budget. The committee, which is chaired by the Minister of State for Petroleum Resources, Timipre Sylva, is expected to review the oil price benchmark and make recommendations to the Federal Government.

The 57-dollar per barrel oil benchmark was used in the 2022 budget, which was presented to the National Assembly in October 2021. However, the global oil price has since fallen below that benchmark, which has raised concerns about the sustainability of the budget.

The committee is expected to consider factors such as the current global oil market trends, the country's oil production levels, and the impact of the COVID-19 pandemic on the economy before making its recommendations.

It's worth noting that the committee's review of the oil benchmark is not the first time the government has revisited the benchmark. In 2020, the government also reviewed the oil benchmark downward from 51.50 dollars per barrel to 40 dollars per barrel due to the impact of the COVID-19 pandemic on the global oil market.

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