Coronavirus: Tumble in oil price poses threat to economy - Finance minister

Coronavirus: Tumble in oil price poses threat to economy - Finance minister

- FG says the decline in the revenue generated from oil has posed a great challenge to the country's economy

- Finance minister, Hajia Zainab Ahmed, made this known, adding that the Covid-19 pandemic will have an impact on the supply of food and other essential items

- The minister reveals that the finance ministry has developed a framework for the management of Covid-19 funds donated by individuals

Zainab Ahmed, the minister of finance, budget and national planning, has disclosed that the decline in oil revenue due to the hard-hitting effect of coronavirus has posed a great threat to the economy.

Addressing journalists in Abuja on Monday, April 6, the finance minister said the impact of the tumble in oil price globally has really brought a damning effect on Nigeria's economy.

Legit.ng notes that since January 2016, the oil price has tragically slipped below $30 a barrel, leaving countries like Nigeria who depend on the oil as major revenue generation in an economic quagmire.

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As Nigeria faces a looming economic crisis, Hajia Ahmed said the country will not like "to sit down and assume that we know what you want."

Coronavirus: Tumble in oil price poses threat to economy - Finance minister

FG says the decline in the revenue generated from the oil has posed a great challenge to the country's economy.
Source: UGC

The finance minister, who lamented the impact of Covid-19 on each sector of the economy, said the pandemic will have an impact on economy-related sectors of the country.

"The COVID-19 pandemic will have an impact on the supply of food and other essential items.

"The decline in oil revenue poses a significant threat to the economy. The finance ministry has developed a framework for the management of these funds (donations from individuals, bodies etc).

"We would be amending the 2020 budget to bring it into current realities," Hajia Zainab said.

Speaking on the fiscal stimulus measures on Covid-19, the finance minister said President Muhammadu Buhari has directed that $150 million be withdrawn from the National Sovereign Investment Authority (NSIA).

The minister also revealed that Lagos state has been provided with N10 billion in emergency funding for the fight against Covid-19.

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Meanwhile, Legit.ng reported the federal government has ordered the reduction in the pump price of premium motor spirit from the current price of N125 to N123.50 per litre.

The development comes barely two weeks after President Muhammadu Buhari approved the reduction of pump price from N145 per litre.

In a statement released on Tuesday evening, March 31, Abdulkadir Saidu, the executive secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA), said the guiding price takes effect from Wednesday, April 1.

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