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OIL PRICE CRASH: Buhari holds emergency meeting with some govt officials

President Muhammadu Buhari on Monday summoned an emergency meeting of some government officials over the sudden crash of oil price.

Those at the meeting included Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), Zainab Ahmed, the Minister of Finance, Budget and National Planning, Timipre Sylva, the Minister of State for Petroleum and Mele Kyari, the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC).

Also at the meeting was Clement Agba, the Minister of State for Budget and National Planning.

Speculation are that the meeting was convened over the crash in crude oil price and the impact of the coronavirus outbreak on the Nigerian economy.

The price of crude oil crashed to $30 per barrel in the international market on Sunday.

There are fears that the development may threaten the 2020 budget implementation in the country.

READ ALSO: Hard times ahead for Nigeria’s economy as oil price crashes to $30 per barrel

Recall that Buhari, when he presented the 2020 budget estimate, had adopted a conservative oil price benchmark of $57 per barrel and daily oil production estimate of 2.18m bpd.

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