Coronavirus: Reps setup committee to investigate impact of dwindling oil price on 2020 budget
The ad hoc committee will comprise of the following; Finance, petroleum, CBN, budget and national planning and any other committee so added by the House. The Ad hoc committee is to report back to the House in two weeks.
The price of crude oil in the international market continues to slump as a result of the impact of the Coronavirus on the global economy. The oil benchmark for the 2020 budget was pegged at $57 per barrel and the price of oil is currently slightly above $30barrel. The resolution followed a motion of urgent public importance moved by the Chairman of the committee on Finance, James Faleke during plenary on Tuesday.
Faleke in his motion said the price of crude oil has declined from above $60/barrel to $30/barrel with potential to disrupt the implementation of the 2020 appropriation act.When the motion was put to question by the Speaker, Femi Gbajabiamila, the “ayes” had it.
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