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Oil Prices: Buhari Summons Finance, Petroleum Ministers, CBN Gov, NNPC GMD

By Mathew Dadiya, Abuja

The crash in the global oil prices from $53 per barrel to $31 per barrel has compelled President Muhammadu Buhari to summon the Minister of Finance, Budget and National Planning, Mrs.

Zainab Ahmed, Minister of State Petroleum Resources, Timipre Sylva, and his colleague Minister of State, Budget and National Planning, Clement Agba to find a solution to the crisis, which may affect the nation’s budget this year.

Also at the meeting were  the Governor of the Central Bank of Nigeria(CBN), Godwin Emefiele and the Group Managing Director of the Nigerian National Petroleum Corporation(NNPC) Mela Kyari.

The CBN Governor was the first to come at about 3:02pm, while others came in at the same time about 3:17pm and proceeded straight to the President office at the State House, Abuja.

Though, the agenda of the meeting is not made public, it may not be unconnected with the crash of crude oil prices in the international market from $53pb to $31pb due to the ravaging COVID-19, otherwise known as Coronavirus.

Recall that the Minister of Finance had after the Federal Executive Council, FEC, meeting, on Wednesday, told State House correspondents that the outbreak of the disease might definitely affect the economy and make government review the 2020 budget

Though, she also said that the oil output currently increased to about  2.1 million barrels per day which could help to cushion the effect on the budget benchmark.

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