₦airaland Forum

The falling price of oil is an omen of
discomfort for many countries, particularly
the oil-dependent countries. And with about
80 percent of its earnings from oil, the
Nigerian Government has started to unveil
policies that will help to cushion the effect of
the global oil crises.
Are the measures announced by the FG
enough to ensure that the common man
does not feel the impact of the price
decline?
What are your thoughts?

This is definitely not good news for Nigeria. With the price of oil slowly taking a nosedive, its only a short while before we run into serious problems. I think the FG should do more than just applying austerity measures (e.g Placing special tax on luxury goods... etc). They should concentrate on making other sectors of the economy work. As big a country as Nigeria, we cannot rely on just oil as the mainstay of our economy.
The question is, what will become the fate of the "common" Nigeriian when the Govt goes ahead with its many austerity measures?

thelegalpundit:
This is definitely not good news for Nigeria. With the price of oil slowly taking a nosedive, its only a short while before we run into serious problems. I think the FG should do more than just applying austerity measures (e.g Placing special tax on luxury goods... etc). They should concentrate on making other sectors of the economy work. As big a country as Nigeria, we cannot rely on just oil as the mainstay of our economy.
The question is, what will become the fate of the "common" Nigeriian when the Govt goes ahead with its many austerity measures?

Hmmm Just hope we get out of this