— Nigeria’s economy is currently in a volatile situation due to the crash in oil prices, President Muhammadu Buhari has said.

The president’s remark came at a time when oil price on Wednesday rose to nearly 50 U.S. dollars a barrel, even though Nigeria will earn less from the boom due to drop in production in recent times. (Daily Trust)

— With the specter of recession hanging over the nation, the Senate is deeply worried. Taking into cognizance the shrinking economy underscored by rising inflation, unemployment, poverty, dwindling oil revenue and other symptoms of recession, the upper legislative chamber on Wednesday summoned the Finance Minister, Kemi Adeosun, and governor of the Central Bank of Nigeria, Godwin Emefiele.

The senators want the duo to brief the upper legislative chamber on the monetary and fiscal policies adopted to salvage the worrisome economic situation. (The Guardian)

— The House of Representatives Committee on Privatization, on Wednesday, stopped the proposed sale of the nation’s three refineries by Nigerian National Petroleum Corporation.
They are Port-Hacourt, Kaduna and Warri refineries. (Vanguard)

— The Federal Government and the Nigeria Labor Congress have set up a 16-man committee to work out palliative measures and fashion out a new minimum wage that will cushion the effects of the increase in the pump price of petrol. (The Punch) Enditem

Source: Xinhua

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