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Published On: Sun, Dec 21st, 2014

Oil price fall: Nigeria risks economic crunch in 2015 – Kwara Speaker

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From Olanrewaju Lawal, Ilorin

The Speaker, Kwara State House of Assembly, Barrister AbdulRazaq Atunwa has called upon States and Federal Government to rescue Nigeria economy from collapse due to fall in oil prices at the international market.

Atunwa noted that most of the states in Nigeria would suffer economic crunch from February 2015 if there was not urgent preventive measures from stakeholders.

The Speaker, who stated this while speaking with Journalists in Ilorin, observed that many oil producing countries which suffer from the current fall in crude oil price were not much affected as Nigeria.

Atunwa, called for better management of Nigeria’s economy to rescue the country from total economic strangulation.

“The Federal Government has not been prudent in the management of the resources, finances of Nigeria and, therefore, within the past few months of the fall in the crude oil price, the economy is in trouble.

“Any prudent financial manager will know that you must save for the rainy day; failure to do that will spell doom, which is precisely what we are now facing in Nigeria.

“The economy has been mismanaged; we have been pervaded by corruption and leakages. There have been malfeasances in office and all these contribute to the financial gloom, which we are about to face”, he added.

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