By Dipo Olowookere

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, is holding a crucial meeting with Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, as well as other stakeholders.

The meeting is taking place in Abuja and the main agenda is to discuss the present state of the economy as well as the declining price of crude oil at the global market.

On Monday morning, the Brent crude, under which the country’s oil is priced, fell to $33 per barrel, about $24 below the $57 benchmark set in the 2020 budget by President Muhammadu Buhari.

This caused panic within the investment community and caused the stock market to crash by 2.41 percent at the close of transactions today.

Worried that things might get worse, especially as Saudi Arabia has started a oil price war after Russia refused an output cap deal last Friday, the fiscal and monetary authorities in Nigeria have deemed it fit to chart a way forward.

Last week, Mrs Ahmed hinted that government may be forced to review the 2020 budget, with the present situation, this move may be fast tracked.

According to what Business Post was reliably informed, government is allegedly pushing the apex bank to work on the benchmark interest rate to douse the tension in the market.

Some days ago, the National Bureau of Statistics (NBS) said inflation in Nigeria rose to 12.13 percent in January 2020 and with interest rates of most investment tools at an average of 4-5 percent and lending rate above 20 percent, it is very difficult to have people invest in the economy.

A source who claimed to be privy with today’s meeting said efforts are being made to make the central bank announce an emergency rate cut to stimulate the economy.

A similar situation happened few days ago in the United States, where rates were marginally lowered as a result of the dreaded coronavirus (COVID-19), which has badly affected the global economy.

https://businesspost.ng/economy/finance-minister-cbn-in-crucial-meeting-over-economy/

Lol

No oil money again.

Budget was prepared base on $57 per barrel and now is $33 per barrel (courtesy of uncle Corona).

The $22 billion to be borrowed are for caban while Abacha loot is for first family.

So, there must be a concerned. May be they will loan Nigeria out this time around.

The person above, if you know what's going on, then you know it is not a laughing matter.

Smiling... let me reserve my comment till we get to the promise land

I propose 100% wage and allowance cuts for the legislature.

They should invite me for meeting na.

Meeting of two idiots.

Make the finance minister show herself now. As Buhari put learner for the ministry make she show herself say she go school abroad. I wish her all the best, this is the time to know if she's worthy of that position.

Front0lane:
Make the finance minister show herself now. As Buhari put learner for the ministry make she show herself say she go school abroad. I wish her all the best, this is the time to know if she's worthy of that position.

Your teacher and Prof. of Stupid Economics Ngozi Okonjo-Iweeall ran the Economy deep into Recession before the Polytechnic Graduate Kemi Adeosun pulled out out of Recession and Depression.

Funny thing is, Nigerians don't even have proper understanding of how the economy works — heck! many people still think money is printed in Central Bank and shared around.

So when many hear "high oil prices, low oil prices, GDP, budget, balance of trade, mono economy, recession, inflation, etc" they just can't comprehend, then they pick one silly conspiracy theory and run away with it.

I just pity people in governance really. You first have to educate the populace gaan to make them grasp policies and political realities before you even properly implement them.

Front0lane:
Make the finance minister show herself now. As Buhari put learner for the ministry make she show herself say she go school abroad. I wish her all the best, this is the time to know if she's worthy of that position.

Bro, just stop embarrassing yourself with this nonsense you just posted. C'mon, is her education going to miraculously spring up oil prices and generate revenue for an oil dependent mono economy like Nigeria?

I do not care. Under Obasanjo there was similar oil glut n Nigeria didn't feel a pinch, countries like Spain Greece saw their economy collapsed n we were flying high cos we saved enough.

If Nigeria should feel a pinch that expose how hopeless a minister the girl. It proves she as nothing upset. Though, I doubt if Buhari will sack her but nonetheless it will be glaring she's a colossal failure. We no go because we want chop meat call cow uncle so swerve.

As for embrassing myself leave me to it, when Nigeria economy grew ahead of SA we all celebrated her achievement if it falters now which we don't pray then she should take the blame with Buhari n the CBN governor.

Ehiscotch:

Bro, just stop embarrassing yourself with this nonsense you just posted. C'mon, is her education going to miraculously spring up oil prices and generate revenue for an oil dependent mono economy like Nigeria?

Not her fan of the trio though.
I rather we have a man capable in that position or a woman who can rise up to the occasion n that is what am encouraging her to do.

APCNig:

Your teacher and Prof. of Stupid Economics Ngozi Okonjo-Iweeall ran the Economy deep into Recession before the Polytechnic Graduate Kemi Adeosun pulled out out of Recession and Depression.