During an interview with Osasu Igbinedion Host of The Osasu Show this morning on AIT, Matthew Page, Former U.S Intelligence Community Expert and Associate Fellow at Chatham House, said Nigeria is about to go broke.
“What Nigeria is facing now with the Coronavirus Crisis is the after effects of the global economic impact of the pandemic. We know crude oil prices have gone way down which has had a huge effect on Nigerian government revenues, likewise the remittances from Nigerians living in diaspora.”
Page further lamented, “I worry about the longterm fallout and implications of the socioeconomic challenges such as deepening poverty and the population growth that is outpacing economic growth even in good times. An over reliance on petroleum as a source of government revenues has led to this.”
While proffering solutions on the way forward he said, “It is clear Nigeria has not put its oil wealth to great use for the development of the country. Leaders need to turn to the people they usually “carry along” to maintain their political position and explain to them that the crisis has disrupted the economy and there is no excess cash laying around to give them.
All available resources must be put to good use. Government now needs to strike a balance between protecting the jobs of civil servants and right sizing government by focusing on the needs of every day Nigerians.”
Just yesterday, the Honourable Minister of Finance Zainab Ahmed confirmed that Nigeria will fall into recession at the end of the second quarter.