05.06.2015 - Nigeria: falling oil price, crumbling legitimacy?
Depressed oil prices mean that government revenue in Nigeria is sliding but raising revenue without alienating Nigeria’s most vulnerable will be a difficult feat. Euromoney has already pointed out that Nigeria’s transition into legitimate democracy – masterfully illustrated by the peaceful election in March where the incumbent Goodluck Jonathan graciously accepted defeat to his rival Muhammadu Buhari – could soon come under pressure. And just a couple of months after the election, cracks are starting to show. The depressed oil price, felt the world over, is beginning to take its toll in Nigeria, Africa’s largest crude oil producer. Nigeria’s oil revenues are due to decline by 23% year-on-year in 2015, and will account for around 49% of the government’s total revenue. This marks a substantial drop, from around 58% in 2014 and 66% in 2013...............................................Full Article: Source
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