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).