PRESIDENT Muhammadu Buhari on Monday has set up a committee mandated to make a quick assessment of the impact of coronavirus on the Nigerian economy.

Since the outbreak of the virus in Wuhan, China that has spread to over 100 countries, the global market has been experiencing economic hiccups evident in the stock value and market exchange rates.

The setting up of the assessment committee followed  president Buhari’s meeting with the Ministers of Finance, Budget and National Planning, Zainab Ahmed and Petroleum Resources, Timipre Sylva on the impact of the coronavirus on the Nigerian economy.

The committee is to urgently evaluate the effect of the virus on the economy, especially as it affects the prices of crude oil.

On Monday, Nigeria’s crude oil price crashed below the $57 per barrel benchmark set by the country as China -one of Nigeria’s biggest oil buyers- battles to combat the outbreak of the novel virus.

Members of the committee included the two ministers and Mele Kyari,  NNPC boss, as well as Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).