Oil price: Buhari, Emefiele, Kyari, others meet

The President, Major General Muhammadu Buhari (retd.) and officials dealing with government finances are meeting right now.

Those attending are the Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of State Petroleum Resources, Timipre Sylva; and the Minister of State, Budget/National Planning, Clement Agba.

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

The meeting came amid crashing crude oil price which crashed to $30 per barrel as of Monday.

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 prices.

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.