If you think Nigeria’s economy is tough now, wait for the future because it may get worse than you think. The country which is already scrabbling through tough economic times with several economic challenges yet to be thrashed is said to be at the verge of witnessing harsher challenges in just a few weeks to come. Of course on the account that we only have just a few weeks to finish the page of 2015, there is nothing redeeming in the prediction by Fayose who just dished out a very disturbing revelation. The man seems to have better eyes than we do, probably an eagle eyes that see beyond the present time.
According to the Ekiti State Governor, Ayodele Fayose, harsher and tougher economic challenges await the country in the coming year. His prediction which serves as a wake up call to the authority and all Nigerians was based on the continued downward trend in the price of crude oil in the international market. In the words of the governor
Except by God’s intervention, Nigerians should brace up for more challenges next year”.
As the governor addressed the audience in Efon during his sensitization visit to the local governments in the state, he stated that 2015’s budget did not perform satisfactorily because it’s prediction was done relying greatly on $68 per barrel, which however sold much lower than that. Quoting the Governor:
“This year’s budget did not meet expectations, especially in the area of capital expenditure because of the poor revenue coming in from oil sale in the international market. The oil now sells for less than $40 per barrel,
“Without being an economic expert, one can envisage a tough economic terrain next year. You know that I don’t hide things from you, the other day they said they have given out bail-out fund, I said it was not. It will amount to sheer deception for a leader to hide the true position of things from the people. We are heading for a serious financial challenge next year, as there seems to be little hope for the economy bouncing back. Our administration has always put our finances in the open for all to see. We are on this tour because we need to let you know what is happening. The power of the people is greater than the power of the leaders.”
So in case you’ve been anticipating an overflowing economy next year, you need to start saving the little you have and abstain from any act of squalor.