I predicted about 2 years ago that Nigeria is going to get into trouble soon with the trend of things in the world oil market - US, Nigerias major customer then had started increasing its local oil production through advanced technology - fracking and increased effort towards developing sustainable form of energies like bio-energies. I warned that if Nigeria continues to waste money from its free given resources, petroleum as it has been doing in the last 35 years, it will live to regret it. That day is here OH. If crisis is Ukraine is resolved and Iran is able to get a deal on their nuclear program, the price of petroleum will yet fall further than what is its now. Filler I am getting from folks in Osun and Oyo State a week ago was that they were yet to receive October salary because Federal govt has not released the allocation for October, let alone November. The price of petroleum has fallen from about $95 in September to about $73 today, far below what Nigerias budget was based on in in the current year. Except something happens to arrest this free-fall in petroleum price, my people, braze for a hard time in the years to come. Maybe this will propel people to stand up and fight to put the right people in office, people who can use the nations resources judiciously to create other opportunities.
Posted on: Mon, 01 Dec 2014 05:08:54 +0000
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