The oil-dependent economy of Nigeria is now collapsing under the corrupt, spend-thrift, inept, insensitive and mediocre presidency of Jonathan Goodluck. The price of one barrel of oil in the international markets has now dropped from about $100 a barrel to below $80 a barrel because the global oil supply is now more than the global oil demand.
Nigeria's savings or her foreign reserves is rapidly declining side by side with the falling oil prices. The value of the Nigerian Naira is also depreciating against the major international currencies of the world. The Nigeria's foreign debt which is rated in American dollar is also rising. Borrowing of more money to run Nigeria by mortgaging the future of this nation to the international lenders is the only viable option on the desk of this visionless President of Nigeria
This President has mismanaged the Nigeria's economy in the last four years through the culture of official corruption, state resource mismanagement, oil theft, over-invoicing of imports, shady import-duty waivers, tax evasion by corporations and big businesses, money laundering through Nigeria's banks, Malibu oil scandal, the missing $20 billion oil money from the NNPC and the huge cost of governance (many foreign trips by this President and his officials, foreign health care expenditures of state officials and huge salaries and allowances that are paid to Nigerian public officials).
The tens of millions of ordinary Nigerians should get ready for those tough economic realities that await them as we approach the year 2015. Remember that Nigeria is not a manufacturing or an agricultural economy. Nigeria is 100% import-based economy and 100% consumer-based economy. Everything that Nigerians need and use on daily basis are all imported from toothpicks to petrol. The prices of goods and services will go up. Salaries of Nigerian workers will stay the same. The cost of living will rise and the standard of living for the tens of millions of Nigerians will drop. There will be social crisis in the families across this nation. The trade unions will go on strikes, law and order will collapse gradually with the rise in the state of insecurity as well as the menace of the Boko Haram
The ruling PDP and this President have both failed Nigerians. The best practical solution to these problems is for Nigerians to vote out Jonathan Goodluck in 2015 and vote for a responsible, honest, transparent, frugal, patriotic and accountable leader in the person of General Muhammadu Buhari #AStitchOnTimeSavesNine
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