Worried about the crash in the international price of crude oil, the Senate on Tuesday set up a joint committee to monitor the development and liaise with relevant heads of Ministries, Department and Agencies.
The resolution was sequel to a motion by Senate Majority Leader, Yahaya Abdullah who called the attention of the Red Chamber to the slump in the crude oil price as a result of the rampaging deadly virus, Coronavirus.
The Senate President, Ahmad Lawan said a monocultural economy like Nigeria which relies on crude oil earnings has every reason to take proactive measures.
He further announced a joint committee of Finance, National Planning, Appropriation and Petroleum upstream to engage the Ministry of Finance, Budget and Planning.
He said: “You must also discuss with experts outside the government. It is good to engage the other side of government so that we can save the situation. If the crude price has fallen to $30 from the $57 per barrel, that is worrisome.”
He asked the joint Committee to submit its report next Tuesday.
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