The federal government has said it will push for bold and radical reforms as global oil prices plummet.

The COVID-19 had dragged oil price down to $31.78 per barrel.

“What we will need to do is something that is bold, radical and one that our people can understand and buy into,” Osinbajo said in an emailed statement  to.Bloomberg.

He said that the President Muhammadu Buhari led administration would improve the agricultural sector, support small businesses and venture into mass housing.

Osinbajo  added that the government would “improve avenues to put more cash in the hands of our people and also make them productive.”

Meanwhile, Oil contributes about 90% of export revenues. Also, the Minister of Finance, Budget and National Panning, Zainab Ahmed, had said that the slump in oil prices could drag Nigeria into recession again