Senate Mulls Naira Devaluation, Fuel Subsidy Removal

The Senate has asked the Presidency to direct the police inspector general to enhance Police Security in the Ogun waterside axis to reduce the spate of kidnapping in the area.

The Senate is considering measures to reduce the devastating effects of CODVIT-19 on the Nigerian economy

It wants the removal of subsidy from petrol, the devaluation of the Naira and the downward review of the 2020 budget

The proposal are contained in the interim report of the senate joint committees on finance, appropriation, national planning and petroleum (upstream)

The committee was set up to liase with the presidency on how to mitigate the effects of CODVIT-19 and the crash in oil prices on the 2020 budget

Senator Solomon Adeola who heads the joint committees says they engaged the finance ministry, during which they also consider the high cost of crude oil production in Nigeria

Adeola also says they consider the number of federal agencies and parastatals and the report of Orosanye panel on the restructuring of federal agencies and departments

The report was adopted by the senate and the committee mandated to continue liasin with the Presidency.

 

READ ALSO]Nigeria Records Third Confirmed CODVIT-19 Case

 

 

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