Ever since the price of oil started its dramatic fall in the second half of 2014, Nigeria’s economy has headed south mostly due to the dip in oil revenue. Nigeria understandably depends on oil for between 75% to 85% of its revenues depending on which data you are looking at.
The effect is well documents and reflective in every sphere of life provided you do business and earn some money in Nigeria. And just in case you doubt some of the data been brandished around, the Accountant General of the Federation has just confirmed what we know. Oil revenue is down 35%!!
“Nigeria is being inundated with lack of revenue, with lack of resources, in the present state of our history arising from our mono-nature economy, depending largely on oil as a main source of revenue.
“And we all know that the price of oil at the international market has gone down and that Nigeria is only earning about 35% of what it hitherto earned from that source of revenue.” Alhaji Ahmed Idris
As militants continue to bomb oil pipelines that ensures that the maintain our paltry oil production levels, the reality is that oil will soon stop being the major source of income for the country.