Oil Price: Senate Invites Zainab, Sylva, Emefiele - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
March 18, 2020
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 EnergyAgency IEA and the Organisation of the Petroleum Exporting Countries OPEC haveequally expressed worry about the continued fall of oil price in theinternational market.