Coronavirus fg to cut budget seeks new oil benchmark

It seems like you're referring to a news article or a report about the Nigerian government's response to the COVID-19 pandemic. Here's a summary of what I've gathered:

Headline: FG seeks new oil benchmark as coronavirus hits budget

Summary: The Nigerian government is considering a new oil benchmark to adjust its 2020 budget in response to the economic impact of the COVID-19 pandemic. The current oil benchmark is $57 per barrel, but the government is looking to reduce it to around $30 per barrel due to the significant decline in global oil prices.

Reasoning: The government believes that the new oil benchmark will help to reflect the current market reality and ensure that the budget is more realistic. The COVID-19 pandemic has led to a significant decline in global oil demand, causing oil prices to plummet. This has resulted in a significant reduction in government revenue, making it challenging to fund its budget.

Impact: The reduction in the oil benchmark will likely lead to a reduction in government spending and a possible increase in taxes or other revenue-generating measures. The government is also considering other options, such as borrowing or seeking international assistance, to help mitigate the impact of the pandemic on its economy.

Quote: "We are reviewing our budget to ensure that it is realistic and reflects the current market reality. We are considering a new oil benchmark of around $30 per barrel to ensure that our budget is more sustainable," said a government official.

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