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House gets committee on Coronavirus’ effect on oil prices, benchmark

Concerned about the continued freefall in the price of crude oil on the international market due to coronavirus disease, the House of Representatives decided on Tuesday to set up an ad hoc committee to examine the phenomenon.
The committee must examine the negative effect of COVID 19 on crude oil prices and how it affects the 2020 budget baseline adopted by the National Assembly.
The resolution followed the adoption of a motion of urgent national significance by the chair of the House finance committee, Representative James Faleke.
Faleke, while proposing the short motion, which was welcomed by members, noted that the disease also affected other countries.
According to him, this will have an effect on the credits voted by the House, adding that the federal government may not even be able to pay salaries….

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