President Muhammadu Buhari has set up a special committee to immediately look into the effects of COVID 19 on the price of oil, with a view to review the crude oil benchmark of the 2020 budget.

Minister of Finance, Budget and National Planning, Zainab Ahmed who disclosed this to State House Correspondents said the committee is expected to submit its report to the President latest on Wednesday March 11.

She however said in view of the situation, Nigeria will have to lower its oil price benchmark but the committee will advise government on the modalities for that.