Since 1973, Nigeria has been putting almost all its eggs in one basket – the basket labelled Crude Oil.

Since the Structural Adjust­ment Programme, SAP, intro­duced by President (General) Babangida, rtd, governments had been warned regarding the dangers involved in being a mo­no-product economy.

Every government made the right noises about diversifica­tion; and every government has failed woefully. Since 2013, Jon­athan, Buhari and now Tinubu have been persuaded by their Ministers of Finance, as well as other top economic advisers, that Nigeria could produce and export 2 million barrels per day of crude oil; and every President has failed woefully.

The 2025 Budget, which was premised on production of 2.06mbpd, is only two and half months old and already, failure to produce the volume and dol­lar revenue envisioned from crude oil has rendered the entire budget worthless.

The dire consequences of the current disappointment will only gradually unfold later in the year.

Several questions arise from what we already know about this year’s performance so far.

“Insanity is doing the same thing over again (and failing) and expecting a different re­sult.” Attributed to the Chinese.

https://independent.ng/throw-away-the-2025-budget-get-ready-for-worse/