The Federal Government has begun consultations with relevant stakeholders on a possible reduction of the pump price of petrol in the wake of the crash of crude oil prices globally.
He spoke with State House Correspondents after the committee inaugurated by the President, Major General Muhammadu Buhari , to assess the impact of coronavirus on the economy, met with him at the Presidential Villa.
Crude prices have witnessed a steady fall since January, down from the $60 it was when Buhari signed the N10.59tn budget into law in December. There have been strident calls for cuts in the pump price since the crude prices began a downward swing in January but the government has yet to heed to the calls.“So, as of Tuesday this week, we have released N285bn to a number of agencies. We prioritise the releases to the critical infrastructure agencies.
The budget is now facing implementation challenges amid the crash in crude oil prices owing to the outbreak of coronavirus. “So, we will manage the economy by prioritising what we can do during the period that there will be slow activities so that when things pick up, everything will go back to normal,” she said.
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