The Inter-ministerial committee inaugurated on Monday by President Muhammadu Buhari to provide response mechanism to the economic challenges posed by the dwindling price of crude oil on the international market is expected to submit its reports today for deliberation by the federal executive council, FEC.
The team is made up of the Minister of Finance, Budget and National Planning, Zainab Ahmed, Minister of State for Petroleum Resources, Timipre Silva, Central Bank of Nigeria, Godwin Emefiele, and the Group Managing Director of the Nigeria National Petroleum Corporation, NNPC, Mele Kyari.
Ahmed had while speaking with State House Correspondents after their inauguration, said, “We just met with the President to discuss with him on the matter of the impact of the coronavirus on our economy.
“Mr. President has formed us into a committee with the minister of State, Petroleum Resources, the Central Bank governor, GMD NNPC and myself as members.
“Our mandate is to make a very quick assessment of the impact of this coronavirus on the economy especially as it affects the crude oil price.
“We will be writing a report and brief Mr. President tomorrow (Tuesday) or Wednesday morning. After that we will also have more substantial information for the press.
“It is very clear that we will have to revisit crude oil benchmark price that we have of $57 per barrel. We have to revisit it and lower the price. Where it will be lowered is the subject of this committee. What the impact will be on that is that there will be reduce revenue to the budget at it will cut the size of the budget. The quantum of the cut is what we are supposed to assess as a committee.”
The team had met with the President to discuss the matter of the impact of the Coronavirus on the economy
Top on the issue is what should be appropriate Crude oil benchmark for the 2020 budget , earlier pegged at $57 per barrel by the National Assembly, as against the current price of $37 per barrel on the international market.
The President had on Tuesday written to the National Assembly to amend the 2019 Finance Act.
