A technocrat and politician, Chief Martin Onovo, has hailed the Federal Government for planned review of the 2020 Budget benchmark for oil and production volume estimated at US$57/barrel.
Onovo, the 2015 Presidential Candidate of the National Conscience Party and currently a chieftain of the Movement for Fundamental Change, made the commendation in Lagos.
He said that the review was necessary, given the current production challenges and the international market prices of oil.
The Minister of Finance, Mrs Zainab Ahmed, had in a statement on Fiscal Stimulus Measures in response to the COVID-19 pandemic and Oil Price Fiscal Shock, said the Federal Government needed to review the benchmark oil price for 2020 to US$30/barrel and oil production to 1.7mbpd given the emerging economic realities.
Onovo said: “In our current circumstances, a revision of both the benchmark oil price and production volume estimate has become necessary.
“With the impact of the COVID- 19 pandemic, crude oil price fell to about $24/Bbl.
” Many production activities are also disrupted and that will affect production volumes.”
On management of donations from individuals and others to cushion the effects of the pandemic and lockdown order, Onovo urged the ministry to publish its framework for the management of the donations.
According to him, this will promote transparency and accountability.
“It is also important that we respect the wishes of donors and apply their donations to the particular purposes.
“Where this may not be expedient, we can work with the donor to change the purpose.
” We must also apply professional best practices to ensure that we achieve maximum value from the donations.
“If these donor funds are utilised prudently and transparently for the particular purposes of the donor, the impact will be greater and more individuals and organisations will be motivated to donate,” he said.
Onovo said that with a robust COVID-19 management system, the government could emphasise infection prevention and protection practices.
He said also that the government would need an elaborate surveillance system to identify and test all suspected cases for quarantine or self-isolation for case management.
He said: ” This is our responsibility and we can do it.”
