President Buhari, Emefiele, Kyari, Others Meet Over Oil Price

President Buhari, Emefiele, Kyari, Others Meet Over Oil Price

Yusuf Dotun

The President, Major General Muhammadu Buhari (retd) and other officials dealing with government finances meet over oil price.

Those in attendance are the Minister of Finance, Zainab Ahmed; Minister of State Petroleum Resources, Timipre Sylva; and the Minister of State budget and planning, Clement Agba.

Other government officials present at the meeting are Governor of Central Bank of Nigeria (CBN), Godwin Emefiele; and the Group Managing Director of the Nigerian National Petroleum Cooperation (NNPC), Mela Kyari.

The meeting came amid the falling crude oil price which dropped to $30 per barrel as of Monday.

The outbreak and rapid spread of the Coronavirus in many countries around the globe is considered as the major factor responsible for the crash in crude oil prices.

The country’s 2020 budget had its oil benchmark pegged at $57 per barrel.

The crash in the oil price may have left the Federal Government in a quandary on how to fund the N10.59 trillion budget, which already came with a deficit of over N2 trillion.

Happenings Media