The House of Representatives on Tuesday resolved to set up an ad hoc committee to examine the potential impact as well as the negative effect of COVID 19 on the prices of crude oil.
The committee is also expected to examine how it affects the benchmark of the 2020 budget passed by the National Assembly.
It was gathered that the decision became very necessary following worries over the continuous free fall of the price of crude oil in the international market due to the Coronavirus outbreak.
The motion was moved by Chairman of House Committee on Finance, James Faleke, who noted that the disease was affecting other countries as well.
He also said the deadly virus will have an effect on the Appropriation Bill passed by the House.
According to him, “majority of the capital projects, even salaries might not be able to be implemented.”
The plenary was presided over by Femi Gbajabiamila, as the motion was well received.
The ad hoc committee will comprise of the Finance, petroleum, CBN, budget and national planning and any other committee so added by the House.
Meanwhile, the committee is expected to report back to the House in two weeks.