For The First Time Ex-President Jonathan Reacts To Nigeria’s Economy

image

Former President Goodluck Jonathan has identified the drop in crude oil prices as the reason for Nigeria’s present economic predicament.

The former president, who spoke in an interview with Bloomberg this afternoon, June 6, said Nigeria’s economy somehow depends on crude oil.

Jonathan further explained that, any time crude oil prices fall, it significantly affects the country’s economy.

“Even though in terms of contribution to the GDP, the oil sector contributed about %15, but in terms of government revenue, oil sector contributed %80. So at any time the oil prices come down, and especially now that even the production is coming down because of the activities within the Niger Delta, definitely it will affect the country,” Jonathan said.

The former President, however, noted that, this was not the first time government is experiencing fall in crude oil prices, hinting that before he left office, oil prices had already started dropping.

Jonathan and his Peoples Democratic Party (PDP) were ousted out of power from the centre by the now ruling All Progressives Congress (APC).

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s