Nigeria After Oil Theft
IT is obvious the Nigerian economy is in a precarious situation. It is really nothing new. The only thing that could be new is the momentum of oil theft , which combining with corruption, is drying up resources available to governments. Nigerians do not need a warning from the World Bank to know that an economy founded on only one product is doomed. Years of contemplating what to do with the economy has not thrown up solutions that governments are willing to implement. Every government is interested in getting resources it immediately needs for its projects, most of which are short term programmes. A World Bank’s Nigeria Economic Report for May 2013, noted that, “ Despite the recovery in oil prices, Nigeria expanded its fiscal stimulus significantly, increasing consolidated spending by an estimated 2.5 per cent of Gross Domestic Product, GDP, and drawing down the remaining balance of the Excess Crude Account at the same time that many other oil exporters were building back their reser...