opinion “Unsold Nigeria crude grows as buyer interest falls”. PUNCH, Thursday, April 9, 2015, p 41. The story by Femi Asu, went on to state that “Weak buying from Asia and other regular buyers of Nigerian crude oil has left a large overhang of March, April and May cargoes, it was learnt”. For those who might not fully understand the implications of that report, it is necessary to spell them out. The first casualty, and it has been in that position since last year, is the 2015 budget which is now nothing more than an academic exercise. With crude oil prices hovering between US$45 and US$60 per barrel, the budget which out-going Finance Minister first based on $78 per barrel crude oil price, had by February been dropped in the dust bin. Now, with volume supplied imperiled by weak demand from our traditional customers, it is obvious that the […]