Nigeria the most populous black nation in world and one the biggest oil producing countries still remains a developing country since the discovery of oil in 1959, even its peers the like South Africa, Singapore and have been to do more than Nigeria with the little resources they have. So what has happened to the funds gotten from the sale of crude over the years?
It has been recorded that corruption is major the issue with wealth distribution in the country with Government officials siphoning funds meant to the cater for the masses into their own pockets.
The current administration of President Muhammadu Buhari has been able tackle corruption to an extent, but there are signs that the President and his cohorts are making adjustments to the predicament they met when they took over power in May 29th 2015.
The removal of fuel subsidy by the Government sparked outrage among Nigerians and the masses where left thinking if our beloved Nigeria was broke. But in most Nigerians opinion, do you think Nigeria is really broke if the Government can’t afford to subsidize fuel for the masses anymore?
To put that thought into perspective, the Minister of information, Lai Mohammed declared that Nigeria is somehow broke while speaking to journalist in Abuja on the fuel price hike by the Federal Government . He said since price of crude dropped below $100 that Nigeria’s income dropped too, so it was quite hard to fund the subsidy on fuel ..
“It is like somebody who has been earning N100,000 a month and he is faced with a situation where his employer says henceforth you will be earning N10,000 a month. He would need to make some very painful decisions and some very painful adjustments. That is the situation with Nigeria today.
“A few months ago, we were earning as much as $100 for every barrel of crude. In the months of February and March, we no longer have the resources, the foreign exchange to bring in refined fuel products. And our economy is shrinking.
“We appreciate the fact that the decision is going to affect everybody. We appreciate what we are going through, but Nigerians should also know that the government has the responsibility at times to take very difficult decisions. So, it is not always about popularity.”
So what is to become of Nigeria if the price of crude oil falls below what the Federal Government has bench marked or the world finds an alternative to fossil fuel (crude oil)? Do you think Nigeria is broke or not? Share your views & opinion in the comment section below and join the conversation on social media @viewschannel