The Senate has urged the Federal Government to look beyond oil as its major source of revenue to fund the country’s 2020 budget as the world faces a global oil crisis triggered by the outbreak of Coronavirus.
This followed recommendations of an interim report by its joint committee on finance; appropriation, national planning and petroleum resources.
With the crash in global oil prices triggered by the Covid 19 pandemic, the Nigerian government is still struggling to find quick fixes to salvage the situation.
The Upper legislative chamber swung into action by directing its relevant committees to interface with economic experts on how best to deal with the current realities.
Part of its recommendations is that, the country must look inward and explore other options in funding its budget.
While deliberating on the Committee’s Interim report, lawmakers unanimously supported the Federal Government’s decision to suspend the 22.7billion dollar loan plan.
Another of the committee’s recommendation seeks to downsize the 2020 Appropriation Act passed by the National Assembly.
But the President of the Senate Ahmad Lawan advised the Senate to instead, consider a review of the 2020 appropriation act.
In a related development, the Senate wants the Federal government to impose a travel ban on high risk countries with the Corona Virus.
It also calls for a replication of isolation centers in all parts of the country.