News in Photographs: Buhari Receives ESC Report from Osinbajo

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By Omololu Ogunmade

President Muhammadu Buhari has received the report of Economic Sustainability Committee (ESC) headed by Vice President Yemi Osinbajo in the State House.

The president constituted the committee on March 30, this year, to come up with an agenda aimed at providing succour to Nigerians following the dangers posed to the economy by the outbreak of COVID-19.

The COVID-19 pandemic has resulted in drastic fall in the price of crude oil production with adverse effects on government revenues and foreign exchange earnings.

The committee was also constituted because of the adverse effects of lockdown imposed on the country to prevent the spread of COVID-19.

Presenting the report Thursday, Osinbajo told the president and cabinet members present that even if the country was consistently earning $30 per barrel from crude oil, Nigeria would still lose N185 billion from its oil revenue.