Why did the Crude Oil Price crash...

Consumer Spending/demand is down...

Atiku threw in a solution

Stockpile and reduce supply (uhmm)

Problem

Global production of crude is 80,622,000 barrels per day.

Nigeria is struggling to do 1.8million barrel per day

it is a bad idea

problem with Nigeria (1965 - 2020)...

we failed to increase consumer spending....

We focused on expenditure of the government to the detriment of consumer demand...

we encourage businesses to draw in foreign exchange ...and left Nigerians to die of poverty.

If the 70m working population in Nigeria are earning N2m on average per annum....and we have a system to efficiently collect personal income tax....

we Personal income tax at 20% gross = N24 trillion

If we simplify consumer credit ....and reduce inflation ( boosting demand for consumer credit...

Folks buyup N30 trillion worth of real estate property ( at 10 percent VAT)...Government squeeze in N3trillion revenue from that micro-sector alone...

With compensation of employee set at N120trillion, profitability and sustainability of businesses because clearer....

Revenue from the corporate ends will also pickup significantly ( N15trillion or so)...

....The faster we agree that the era of crude oil is over...the better for all of us...

The Oil Economy is over...

time to look at Nigerians...

One workable option on the table now is

Increase real wage
boost consumer spending

No one is interested in our solid minerals