The boom, not the slump, is the right time for austerity at the Treasury – John Maynard Keynes, 1937
Money is sweet to spend, especially when it’s other people’s money or it has ‘no owner’. A couple of months ago, I wrote about how Nigeria has been in Boom Time for the last 4 years with oil prices consistently above $100 per barrel since the current government came into office.
Given that Nigeria really has no say in the global oil markets – we cant really deliberately affect prices to our own benefit – the time was bound to come when the party music would stop. It appears that time has now come.
Here’s what the story of oil prices in the last 1 year looks like:
It’s not yet a disaster of course; in theory it’s still above the price we based our budgets on this year ($79), assuming…
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