This comes as a result of dwindling oil prices and the Saudi-Russia escalation of the oil price drop.
Members of the committee include its Chairman the Minister of Finance Zainab Ahmed. Others include the Minister of State, Petroleum Resources, Timipre Sylva; the Governor of Central Bank of Nigeria, Godwin Emefiele; the Minister of State, Budget, Clement Agba and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari.
Mrs. Ahmed noted that the committee would decide the new oil benchmark for the 2020 budget as prices drop to $30 per barrel as against $57 budgeted.
She also noted budget cuts but however did not specify what parts of the budget would be affected by the cut.