Corona virus: Senate moves to Save Nigeria’s Economy from collapse

*Sets up joint C’ttee to proffer solution

By Ignatius Okorocha

Disturbed by the increasing adverse effect of corona virus scotch on the price of crude oil at the international market and the implementation of the 2020 budget, Senate on Tuesday set up a joint committee to collaborate with Finance and National Planning ministries to save Nigeria from the situation.

The joint committees comprise Finance, Appropriation, National Planning and Petroleum Upstream.

The constitution of the joint Committee by President of the Senate, Ahmad Lawan followed a point of Order by the leader of the Senate, Senator Abdullahi Yahaya Abubakar ( Kebbi North) on the trending threat of corona virus scotch on global economy.

The Senate leader who came under Order 43 of Senate rule (personal explanation ) alerted the Senate on the need for Nigeria government to take proactive measures to save the nation’s economy from total collapse.

Consequently Abdullahi while taking the Senate to top oil majors whose economy have been depleted by the scotch of corona virus said there is urgent need for Nigeria to quickly join the rest of the world to save its economy.

In his remark, the President of the Senate while Corroborating the leader’s account on the pending economic woes, said corona virus scotch is gradually affecting the whole world’s economy particularly the crash in oil price.

He said:”We all recall that we passed our Medium Term Framework and 2020 Budget on the benchmark price of $57per barrel.

“Today that price has crashed to $31 per barrel we don’t known when this will stop. And of cause the economy of our country depends largely on the export of the crude oil. Now this the real situation that is staring us on the face. As. Parliament we need to be proactive, we need to continue to be up to date with the situation so that we are able to take a decision.

“Therefore what the leader said is in good order and of cause in good time and I will suggest here that in order for this senate to be proactive, to protect whatever will be a situation for Nigeria to implement the budget in the way and manner that will impact of the lives of our citizens.”

To save the situation from deteriorating further Lawan said,”We will form a joint committee and this joint committee will continue to engage with the people in government as well s people outside the government and be a braced with the what is going at the international market.

“The committee’s are finance, national Planning, Appropriation and Petroleum Upstream. The finance committee would head the committee. You engage with those in government in the ministry of finance and National Planning and any other ministry that you feel to have engagement with for you to have information .

“You will also venture outside the government. You should talk to people who have the economic knowledge of the economy. People who have the expatiate in the field of finance and economy do that you will be properly informed. You should brief the senate on your finding and where there is need for emergency.”

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