House of Reps to meet with Finance Minister, Okonjo-Iweala over falling oil price

The House of Representatives will meet with the Minister of Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala over the falling crude oil price at the international market.

At the House’s plenary on Wednesday, a special committee was constituted to represent the lawmakers at the meeting.

The challenges surrounding the sliding oil price are some of the primary reasons the 2015 budget of the Federal Government is yet to be passed by the National Assembly.

To discuss the issue, the House went into a closed executive session, lasting three hours.

After the closed door meeting, the House decided to set up a meeting with the Minister of Finance and the budget office to iron out grey areas on the budget towards a speedy passage.

The date for the meeting was not disclosed.

Dr. Ngozi Okonjo-Iweala, presented the 2015 budget estimates of about 4.3 trillion Naira before the National Assembly on December 17 2014.

She laid the document in separate appearances before the Senate and the House of Representatives.

There was not a joint sitting of the two chambers which has been the tradition, as President Goodluck Jonathan already delegated Okonjo-Iweala to present the estimates on his behalf.

The Coordinating Minister of the Economy was accompanied to the National Assembly with a retinue of other ministers and the‎ Director-General, Budget Office of the Federation, Dr. Bright Okogu.

Credit: Channels