Thursday, May 23, 2024

Buhari meets Emefiele, Kyari, others over dwindling oil prices

President Muhammadu Buhari has convened a meeting over the sudden drop in oil revenues.

The meeting holding at the Presidential Villa, Abuja involves officials dealing with government finances.

In attendance at the meeting are the Ministers of Finance, Budget and National Planning, Zainab Ahmed; State Petroleum Resources, Timipre Sylva; and the Minister of State, Budget/National Planning, Clement Agba.

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Other government officials attending the meeting include the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele; and the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari.

The meeting came amid crashing crude oil prices which crashed to $33 per barrel as at Monday morning.

The outbreak of Coronavirus in China and its rapid spread to many countries around the globe is seen as the major factor responsible for the dip in crude oil prices.

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

The crash in price may have left the Federal Government in a quandary on how to fund the N10.59trillion, which already came with a deficit of over N2tn.

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