The Senate President, Ahmad Lawan on Tuesday constituted a Joint Committee to engage the Executive arm of government on measures to be taken to insulate the Nigerian economy against the impact of the sudden crash of crude oil price globally.
Ahmad Lawan in a statement said, “You may be aware that the spread of the dreaded Coronavirus (COVID – 19) disease has led to the crash of several markets across the world, and seeing that the economy of our country depends rightly on the export of crude, it is only proper that we act promptly.
When we passed the Fiscal Strategy Paper and Medium Term Expenditure Framework, and subsequently the budget, we benchmarked the price of oil at $57 per barrel. Today, that price has crashed to $31 USD or there about, and we don’t know where this will stop.
Therefore, we feel that as a parliament, we need to be proactive and up-to-date with the situation, so that we are also able to take a decision when it matter for us to do so, hence the constitution of the joint committee.
This Joint Committee will continue to engage with people in government, as well as people outside of government, so as to be abreast with all necessary information. It will also engage with the Ministry of Finance and National Planning, and any other Ministries that we need to.”
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