Analysis: How dependency on crude Oil sales is crippling Nigerian economy

oil pricesThe fall of global crude oil prices has left the Nigerian government incapacitated to handle a number of its sector operations due to a financial constrains.

Nigerian financial deficit has expanded, something financial analysts have attributed to large scale corruption and over reliance on crude oil for much of its national income.

According to the latest report by Global finance analyst Bloomberg, Nigerian government business has lately hit a snug due to the narrowing of income from crude oil sales. Bloomberg attributes limited income to the grand fall of global crude oil prices.

Federal state governments are also reported limping as many have failed to meet salary arrears for employees for more than five.

Bloomberg notes that financial institutions in the Nigeria are weary about lending and financing individual investments due to the fear of the increasing wave of financial insecurity among the population.

Click to read more from Bloomberg 

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