It's a question for the pundits.
The sobering news from Iraq is that In Light Of Dropping Oil Revenues, Iraqi Official Calls on Iraqi People to Tighten Belts, Postpone Financial Demands until Crisis Passes....
This evening, in Nigeria world the top headline is that
Not only in Nigeria, before elections in most countries the competing rival candidates are usually upbeat about all the great things that they are going to do for the people, some to the extent of promising a new heaven on a new earth, in the absence of manna falling from the sky, all of which of course needs financing. Unfortunately, this dramatic drop in oil prices has come at the wrong time.
The people have to be given realistic expectations...
President Goodluck Jonathan is reputed to have Africa's most qualified minister of finance in the person of Ngozi Okonjo-Iweala and although so far she has not talked about any austerity measures, she has already warned that sky's not the limit for making election promises (The last thing that Goodluck Jonathan wants at this critical juncture in the weeks and days leading up to election day is another major strike in any way connected with petroleum/ fuel/ teachers' salaries etc. or having to talk about austerity days ahead for the nation.)
Since Muhammadu Buhari himself has some background in petroleum matters it's reasonable to be expecting some statements from him about how the Nigerian economy is supposed to deal with the drop in oil prices, oil the major export commodity that lubricates the Naija economy.
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