Ekiti State Governor, Ayodele Fayose, has predicted harsher economic challenges in the coming year as he reveals shocking details to back up his predictions.
Governor Ayo Fayose
Speaking in Efon during a sensitisation tour of local governments in Ekiti state, Governor Ayodele Fayose, predicted harsher economic challenges in the coming year, basing his prediction on the continued downward trend in the price of crude oil in the international market.
"Except by God’s intervention, Nigerians should brace up for more challenges next year," he said.
The governor also disclosed that this year’s budget performed poorly because it was predicated on $68 per barrel, while it sold much lower than that.
"This year’s budget did not meet expectations, especially in the area of capital expenditure because of the poor revenue coming in from oil sale in the international market. The oil now sells for less than $40 per barrel.
"Without being an economic expert, one can envisage a tough economic terrain next year. You know that I don’t hide things from you, the other day they said they have given out bail-out fund, I said it was not. It will amount to sheer deception for a leader to hide the true position of things from the people.
"We are heading for a serious financial challenge next year, as there seems to be little hope for the economy bouncing back. Our administration has always put our finances in the open for all to see.
"We are on this tour because we need to let you know what is happening. The power of the people is greater than the power of the leaders."