Nigeria has been hit by the fall in global oil prices as oil accounts for over 85 percent of the country’s revenue. Oil prices have fallen to below $40 a barrel from over $115 in June 2014. The country is, therefore, considering issuing international debt early next year to stimulate the economy as President Muhammadu Buhari presents the 2016 budget to lawmakers on Dec. 22. The country plans to borrow 1.84 trillion naira, about two-third of which will be local debt and also boost non-oil revenue by 1.6 trillion naira in 2016. These are expected to make up for the shortfall in oil revenue. Nigeria’s 2016 budget is predicated on an oil price of $38 per barrel but with Iran expected to pump more oil next year and the United States lifting a 40-year ban on exports, prices may not recover in 2016 and oil may well sell below Nigeria’s benchmark price.....

Read more on the site http://thenerveafrica.com/2022/us-interest-rate-hike-is-bad-news-for-nigeria-south-africa/

Implement true federalism nowwwwww ..... Nigeria cannot afford to waste any further time

If I tell you I know exactly what to say about this bad news,, I lie!!!

As in ehn when i read the news on thenerveafrica.com site i couldn't help it but feel for our country.... 2016 is gon be really tough..... May God help us

Bad news really