Oil Price: Senate Sets up Joint Committee over 2020 Budget

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The Senate on Tuesday constituted a joint committee to liaise with the Executive over the dwindling international oil price as it affects the implementation of the 2020 Appropriation Act.

The Senate President, Dr Ahmad Lawan, who spoke at plenary in reaction to Order 52 raised by the Senate Leader, Senator Yahaya Abdullahi, over the dwindling international oil price, expressed concern that the 2020 budget, which was approved at $57 per barrel, appears threatened with the oil price crashing to $31.

He, therefore, directed the four Senate Committees on Finance, National Planning, Appropriation and Petroleum (Upstream) to form the joint committee and liaise with both the public and public sectors over the way forward in the 2020 budget in the face of the dwindling international oil price.

The joint committee, Lawan said, which is to be led by the Finance Committee chaired by Senator Olamilekan Adeola, will be expected to submit its first report at plenary next Tuesday.

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