Oil Price Crash: Senate Constitutes Joint Committee To Engage Executive

The senate has constituted a joint committee to engage the executivte on measures to be taken to protect the Nigerian economy against the impact of the sudden crash of crude oil price globally.

The announcement came following a point of order by the Senate Leader, Yahaya Abdullahi, during plenary over rising concerns on the spread of the dreaded Coronavirus (COVID – 19) disease which has led to the crash of several markets across the world.

Consequently, the Joint Committee duly constituted include: Senate Committees on Finance; National Planning; Appropriation, and Petroleum (Upstream).

The senate leader, had earlier prevailed on the upper chamber in view of the price crash of crude adding that the nation should be encouraged to hope for the best but prepared for the worst.

He said that the Joint Committee should come up with workable strategies that will be harmonized with that of the Executive arm of government with a view to stemming the impact of the oil price crash on the economy.

In his remarks, President of the Senate Ahmad Lawan, expressed worry over the dwindling oil price Stressing that
the Fiscal Strategy Paper and MTEF, subsequently the budget, were based on the benchmark price of 57dollars per barrel, but lamented that the price has crashed to 31dollars.

He expressed concern that the nation’s economy depends rightly on the export of crude which price has nose dived in the international market.

Senator Lawan emphasized the need for the National Assembly to be proactive in measures that would mitigate against the impending situation.

James Itodo/Abuja

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