Doomsday Scenario or Merry Christmas in advance?
Notes on the Coming Economic Crunch Postscript By Waziri Adio, Email: waziri.adio@thisdaylive.com Despite the spirited attempts by some officials to put a calm face on things, something is coming at us, and it is not pretty. It is a major economic crisis, fuelled by the slump in the price of crude oil. The coming crisis may be short or it may be long. But come, it will. So we need to brace up for the uncertainties of the lean time, a period that will be made even more unpleasant by the fact that we have left ourselves very little wriggle room. We need competent and clear-headed management of the economic crisis to ensure that it does not complicate existing crises on the social and security fronts. The omens have been in plain sight for a while now, with dwindling oil revenues at a time of sustained high oil prices, with persistent wrangling over allocations at the Federation Accounts Allocation Committee (FAAC), with the consistent depletion of the...