Chronicles

$75/barrel or the economy will go totally bust!!

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There is a reality that is quite grim. A reality where, what we like is not the issue but what we would see is the problem. If you are an ardent reader of this blog, you would not be surprised at the recent happenings in our economy. Forget all the economic analysis from so-called experts. Forget all the rap, the real problem for the economy is the crude oil price. I know you might not like it but that is the simple truth.

The crude oil price must rise and the militancy in the Niger Delta must stop. If the case is not as stated, then we should braze ourselves up for the worst case scenario. I don’t get where the optimism of diversification of economy is coming from when the structures that were created to “chop” crude oil money are still intact. We’ve gotten to a situation where the options before us are narrowing on daily basis. It is no longer funny I will tell you.

You want the naira to rise against the dollars but with what back up? Where would the foreign exchange to back the naira up come from? With our crude output diminishing at alarming rate and the price of the ones we sell  is lower than $50/barrel, I don’t see much headway. I know some people would say I am an alarmist, but the situation on hand hasn’t depicted me wrong in any respect.

 

I understand Government churning out hopeful lines to the citizenry. However I know for a fact that Emefiele(CBN Governor) would tell you the amount he’s receiving from crude oil sales is scary. I can assure you that Adeosun( The finance minister) in her quite moment in her bedroom would be wondering how the next 6 months would be with the activities in the crude oil market. The problem is monumental and I still don’t know how it can be solved without a serious injection of billions of dollars into the economy.

 

I don’t need to recite all what I have written earlier on this subject. However, my position still remains clear; pray that the crude oil rise to $75/barrel coupled with a cessation of hostilities in the Niger Delta, then, we can breathe. In the alternative; pray for an injection of 100 billion dollars in the next one year into the economy. If none of these is achievable, we should braze ourselves for serious issues.

Mind you when I said Nigeria, I meant Nigeria as a country. I am not talking about Nigerians. If a Nigerian was in a position to whack 1 billion naira, it gains to project that such a Nigerian is not factored into my “Nigeria” thesis.  So my analysis is based on the generality.

You can speak all the grammar that you want, but when federal government start owing salaries, then, we would understand far better. For now, the situation is very dire…..Ewolewoo!!

Related posts:

We are in serious crises. It is called oil price drop

NAIRA is falling. Is it a surprise?

Buhari: Unfortunately,you must bring out money from stone

Buhari’s dilemma: How do you fight corruption in a system that survives on corruption?

 

About the author / 

Ik Uremeh

Ik uremeh is a social commentator who believes that everyone deserves to live within the confines of his strengths. He is just like YOU.He says: Life is good when everyone desires so...

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