Some Musings on Nigeria’s Economy (1)
Some Musings on Nigeria’s Economy (1) During the Abacha regime, crude oil price sold for around $10 per barrel. Yet Abacha reportedly stole more than $4 billion from our national till, which is aside several billion dollars looted by other generals, sub-generals, MILADs, big businessmen and women, politicians and ‘technocrats’. In this era, the economy was in great crisis, and majority, especially those from working class and sub-working class background, could hardly make ends meet. Poverty was around 70 percent, while unemployment was rife. However, events in the past six years will make looting under Abacha a child’s play. For the past six years, crude oil has sold for an average of $80 per barrel, while Nigeria sold an average of 2 million barrels per day. This is aside greater exploitation of natural gas, with Nigeria having the 10th largest reserve of natural gas, despite the historic and monumental waste through gas flaring. Yet, things have gone from bad to worse fo