The fall in the international prices of crude oil to $40 per barrel last week would further affect Nigeria that is grappling with paucity of fund due to the glut in the oil market, former President, Nigerian Chapter, International Association of Energy Economics (IAEE), Prof Adeola Akinisiju has said.
He said the country would further experience paucity of funds as the prices of crude oil plummet further.
He said the Federal Government is finding it difficult to curb crude oil theft,pipeline vandalism an other untoward practices that made the country lost several billions of naira.
He said: ‘’ The oil price has peaked in recent times as it went up to over $50 per barrel. “At that point in time, the government, and operators were praying that the price should rise further to enable the country generate revenue for fiscal project. But this has failed to come to pass, as the prices dropped again,” he said.
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