Yesterday, the Monetary Policy Committee of the Central Bank of Nigeria warned Nigerians to brace for a longer period of low revenue from oil sources, which would necessitate hard and uncomfortable choices.
The committee, in a communiqué, observed that while the period of low oil prices, which occurred in 2005, lasted for a maximum of 8 months, the current situation is expected to continue over a longer period of time. Crude oil prices had declined from a peak of $114 barrel in July 2014 to $30.25 per barrel yesterday.
The CBN Governor. Godwin Emefiele, who read out the communiqué, said the development would necessitate huge sacrifices from Nigerians. He added that since oil prices had been on a steady decline, certain trade-offs would have to be envisaged and accommodated.