I watched AIT Television channel at the turn of democracy in the first tenure of OBJ or thereabout where in New York it was said by some Americans that Nigerians have over $200billion worth of savings in America alone in several dormant account. The effort at the time was to encourage Nigerians to throw back their investments into Nigerian market.Outrageous as it may sound but true and you would wonder where Nigerians got that of non utilized fund lying fallow in a foreign country and that was not all as there were still many billions in many other countries.
Where do these monies come from? Largely from oil of course, leaving millions of Nigerians suffering and scouting for daily bread, the elites and their cohorts are stealing away the future of Nigeria and enriching other nations.
So, what will a low oil price do to the Nigeria's economy? It has always been argued that establishing petroleum refineries in Nigeria cannt be run profitably due to pricing as cost of production will be high and higher than that of the international market. However, with low crude price and at =N97 a liter,local refineries will become profitable once government can enforce zero import of refined oil products. This will create thousands of jobs for Nigerians and prices will even be lower to the current pump ,price since the sector will be fully deregulated.
Low price of crude will also help the government focus on the domestic market on how to harness opportunities and raise government incomes. Government will in the long run be force to lower its recurrent expenditure and do away with its numerous ghost workers and unending perks for ogas on top.

With huge oil surplus in the market, government will have to renegotiate its debts and focus on cutting costs.Also , militants and oil thieves will have difficult times selling and their rate of weapons acquisition will drop considerably .May be the federal government will then be forced to pursue constitutional adjustments that will enthrone regioal government in wealth building in the country.

how will the states survive with little or no allocations from the Federal allocation.

kettykin:
how will the states survive with little or no allocations from the Federal allocation.

The allocation system is what brought Nigeria to its kneels. Regions will look inward to develop their infrastructures.