Buhari Campaign Promises Jeopardized As $30 Oil Becomes Reality

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President Muhammad Buhari’s eyes will undoubtedly open to the harsh economic realities of an oil slump as crude price is expected to fall even lower.
Russian Finance Minister Anton Siluanov, says the price will fall as low as $30 in 2016 and stay low throughout the majority of the year.

Bloomberg cited Amir Hossein Zamaninia, Iran’s deputy oil minister as saying that the middle eastern country will double its crude exports putting more downward pressure on the price of oil.

This action will hurt mono-economies like Nigeria that depend on the price of crude for budgeting, planning and development. Already the Federal Government has budget $38 as the benchmark price of crude for planning in its 2016 Budget proposal.

Earlier this year, then presidential candidate Muhammadu Buhari promised to save Nigeria from falling oil prices by diversifying the economy.

However many Nigerians are uncertain the President will be able to hit his campaign targets if the price continues to free fall.

This sentiment was shared by Rivers State Chairman of Trade Union Congress of Nigeria(TUC), Comrade Chika Unegbu who stated same in November when oil prices hovered around $50.

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