THE ECONOMY STANCE OF NIGERIA

The economic situation of Nigeria is bad not because of the presidency. But, mainly because of the drop in the price of oil. Since the military took over and oil was found in commercial quantity in Nigeria in the 1970’s, Nigeria since then, became mono-economy country depending solely on oil. And thereby losing those values, those things that gave Nigeria wealth when there was a truly democratic government in the country.

Like I told I said on my previous article, groundnut pyramids in the North have disappeared. The cocoa bud in the West does not exist again, and the palm produce in the East has been neglected and ignored. So Nigeria is depending only on oil.

The last ten to twenty years, the price of has been going up from sixty dollars per barrel even up to one hundred dollar per barrel. Nigeria has been making a lot of money from the sale of oil. Even though, more than half of the money from the oil sales is been stolen, by people in the oil industries and people in the government.

But it was so much that there was enough for the government. So with this money from oil, the state government depended on what we call federal allocation as well as the local government. Every month, a heavy amount will be shared out from the federal ministry of finance to the states and to the local governments.

But now, the reality has dawn on us. The price of oil has gone down abysmally and there is not much to share and so the economy which was built on one item (oil) is today shaky because the oil has lost it value.

The Naira is not losing its value because Buhari is fighting corruption. As matter of fact, if they start recovering the billions and millions dollars they were stolen, it will boarst the economy and it will strengthen the value of Naira.