The Senate has invited the ministers of petroleum Timipre Sylva and his Finance counterpart, Zainab Ahmed to find ways of saving the country’s economy from distress in the face of falling oil prices due to the coronavirus pandemic.
Governor of the Central Bank of Nigeria, Godwin Emefiele, has also been invited by the lawmakers who have called for fuel subsidy removal and naira devaluation as part of measures to stem the looming economic crisis caused by the spread of the Coronavirus.
The Senate says a review of the Appropriation Act 2020 as passed by the National Assembly was inevitable in the face of the prevailing global impact of the pandemic.
Already, oil price, especially the Brent, Nigeria’s specie, has dropped to under 30 dollars, about 50 per cent loss in revenue, going by the 57 dollars benchmark the 2020 Appropriation Act was hinged upon.
The World’s leading oil groups, International Energy Agency IEA and the Organisation of the Petroleum Exporting Countries OPEC have equally expressed worry about the continued fall of oil price in the international market.