The Senate said on Tuesday that it is concerned about the crash of oil price to $31 USD and urged the executive arm of government to quickly employ proactive steps to stabilise the economy to avert the country from entering another recession.
Specifically, the Red Chamber said the impact of the sudden crash of crude oil price has become a global issue and that the federal government must show some level of preparedness to stem it.
Consequently, the Senate has constituted a Joint Committee to engage the Executive arm of government of President Muhammadu Buhari, to evolve proactive measures to insulate national economy so as to prevent unforeseen circumstances.
The joint Committee comprise of Senate Committees on Finance; National Planning; Appropriation, and Petroleum (Upstream) respectively.
The decision by the Senate was sequel to a motion by the Senate Leader, Yahaya Abdullahi (Kebbi North), alerting the nation of the crash in oil price and how best is expected of government to tackle the issue.
He said: “we need to expect the best but prepare for the worst.Our Committees should be prepared, so that whatever happens, we hope this crisis does not last for long, but if it does, we have to be prepared.”
While announcing the committee, Senate President, Ahmad Lawan concurred that the crash in the oil price, if urgent measures are not employed, it will have bad effect on national economy.
“The issue of the current situation affecting the entire world, and the second we are suffering from today is the crash in the price of crude.We passed the Fiscal Strategy Paper and MTEF, and subsequently the budget, on the benchmark price of $57 per barrel.Today, that price has crashed to $31 USD there about, and we don’t know where this will stop.
“And of course, the economy of our country depends rightly on the export of crude.Now, this is a real situation that is starring us in the face. As a parliament, we need to be proactive and up-to-date with the situation, so that we are also able to take a decision when it matter for us to do so.”
“Therefore, I will suggest here, that in order for this Senate to be proactive and to protect whatever will be the situation for Nigeria to implement the budget in a way and manner that will positively affect the lives of our citizens, we form a joint committee.
“This Joint Committee will continue to engage with people in government, as well as people outside of government, so as to be abreast with all necessary information.
“The committee will engage with the Ministry of Finance and National Planning, and any other Ministries that you feel you need to have engagement with for you to have information,” Lawan stated.
Solomon Ayado, Abuja
