Nigeria’s economy all through 2015 has witnessed a downturn since President Muhammadu Buhari came into power. This has been triggered and worsened by the oil price at the International dipping as low as $36 a barrel.
The Central Bank of Nigeria, CBN, in September issued a statement saying that the economy was going into recession by 2016.

The Trade Union Congress, TUC, in reaction to statement in line with the present economic woes coupled with the sufferings Nigerians are made to pass through on a daily basis decried that the nation was already in recession.

The 2016 N6trn budget brought a sigh of relief as experts were optimistic the government would massively pump cash into the system after mopping up through the Treasury Single Account, TSA. In the budget, the President pegged the crude price at $38 per barrel. This is higher than the current price which has fallen below the benchmark in just a few days. It now hovers around $36 with experts projecting $20 per barrel as soon as next year. Nigeria’s mono economy seems poised to struggle under the weight of Iran’s proposed plans to flood the market with millions of barrels after years of being under sanctions.

Presently the United States, US, Congress has
lifted its 40-year-old ban on export of the Middle
Eastern nation’s crude oil, as part of an omnibus
budget bill.

Chairman, Senate Energy and Natural Resources Committee, Lisa Murkowski, while hailing the passage of the bill by legislation said, “By lifting the domestic crude oil export ban, we are sending a signal to the world that our nation is ready to be a global energy superpower. “

With this two nations coming into a market that is already saturated it means that in 2016 there will be a huge glut. This will further push the price of
crude to a degree of insignificance thereby countering Buhari’s fiscal year frame work.

The Naira on the other hand has lost its savour due to external pressure as 95% of what is consumed within the country is imported. As it stands, except we diversify and explore other areas of export and reduce government’s huge expenditure on subsidy, (among several others) the country will continue to experience a total collapse of the entire system.

All Progressive Congress, APC, National Leader Bola Tinubu, in a recent keynote address, admitted that the economy under Buhari has slumped. He advocated for the total removal of fuel subsidy with its proceeds directed to infrastructural development and diversification of the economy. It is one thing to point in a direction and another to go in that direction. Where is our economy going?


http://www.post-nigeria.com/buharis-2016-budget-iran-u-s-pose-major-threats/

Kkk

Lll

Subsidy just has to go and the economy should be promptly diversified.
Adeola (min for finance) fayemi (solid minerals), audu ogbe (min for agriculture) wake up and do something fast.

The average Nigerians have not benefited anything from the so called oil wealth except the politicians and their entourages. It started from the days of IBB, he came and siphoned his share and left, Abacha came and fought corruption as he said and cornered his, and Abdusalam emptied the container, incorruptible Obj came froze the account, innocent Gej came and hit the nail on the head and saint Buhari the minister of petroleum, the goat that doesn't like yam but loves to supervise it is now in charge. So whether the oil falls or rises, it doesn't stop me from paying school fees, NEPA bill with my gen stands by,hospital bill, tax and so on.

In real sense, this is good for us. We can now all agree to take of subsidy and think of another way to make money(if our govt is not stupid ooo). Less money available to be stolen by the thieves(if that don't borrow for the actual aim of enriching themselves.

"I just tire for this country". People go loose their job, some biz go close ooo but God will always be their for us.

Increasing agric export products is d key...
Give every Nigerian youth farmer and those with practicable degrees in agric #5 milion interest free loans for farming.

Na lie jhoor..... Na still #2,500 we see there.... Mtchewww

emmyw:
MTN Introduces New And Cheap Data Plan:3gb For 300 Naira

Gerraruffhia mehhhnnnn!!!

If only all looted funds can be recovered, we wouldn't need any extra income for the next five years for sustenance.

2016 Tax based year/debt based budget.

Larynx:
Na lie jhoor..... Na still #2,500 we see there.... Mtchewww

Check it out and see if its lie.
With terms and Condition

kaypound:
Subsidy just has to go and the economy should be promptly diversified.
Adeola (min for finance) fayemi (solid minerals), audu ogbe (min for agriculture) wake up and do something fast.

Tourism and Technology should be promoted.

I don't see us being competitive in solid minerals considering poor infrastructure and existing global players

abeg make iran flood d market with more crude oil make fuel price drob to $20pb. D zoo economy must collapse.

Onyejiuwaokoh:
The average Nigerians have not benefited anything from the so called oil wealth except the politicians and their entourages. It started from the days of IBB, he came and siphoned his share and left, Abacha came and fought corruption as he said and cornered his, and Abdusalam emptied the container, incorruptible Obj came froze the account, innocent Gej came and hit the nail on the head and saint Buhari the minister of petroleum, the goat that doesn't like yam but loves to supervise it is now in charge. So whether the oil falls or rises, it doesn't stop me from paying school fees, NEPA bill with my gen stands by,hospital bill, tax and so on.

"saint Buhari the minister of petroleum, the goat that doesn't like yam but loves to supervise it is now in charge"

I just love that part of ur write up