Fluctuation of crude oil price in the world market has been there for some years which also has been a sign of what Nigeria and other oil producing countries of world would face in the future, which we (Viewers Corner News team) have been advising to countries in this category to pay attention to, most especially Nigeria that rely so much on the revenue from crude oil to finance her projects. Again, if you look at the Nigeria’s 2020 budget which was calculated based on the price of crude oil at a point when the price was a bit stable, but now it is no longer so, the price of crude oil has fallen so badly in the world market which would automatically affect Nigeria’s budget for 2020 and in the years ahead. Our (Viewers Corner News team) worry is this, how would the federal government of Nigeria manage the situation so that it would not be too severe for the people of the country (Nigeria)? Based on this, we (Viewers Corner News team) are appealing to the federal government of Nigeria to start looking at other areas of economic realities for the country (Nigeria). Nigeria is richly blessed and if proper research is conducted, there are lots of natural resources which can take the place of crude oil. If the federal government of Nigeria can invest on those areas, the country (Nigeria) would have surplus to keep Nigeria running better. Now that the crude oil price has crashed, the federal government of Nigeria should look into the already planned budget and make amend. There are so many items in the budget which do not need urgent attention, such items should be put on hold until things get better before it can be brought forward if possible. Meaning that a proper review of the 2020 budget is needed at this point that the crude oil price has crashed in the world market. Honestly, now is the time to get started by fixing the needful before it becomes too late for the country (Nigeria).
Source: Viewers Corner News.