President Muhammadu Buhari's administration is not benefiting appropriately from the recent rise in the price of crude oil in the international market following the shortage in the production owing to the destruction of oil facilities by vandals.
For the first time in 2016, Brent crude blend has hit the $50 mark in trading. Other global crude blends are not far off from this landmark price which eases a lot of pressure from the finances of oil exporting countries.
Unfortunately, Nigeria which is bedevilled by the ongoing renewed militancy in the Niger Delta spearheaded by the Ijaw dominated Niger-Delta Avengers cannot benefit from this as the country's oil production level has dropped to a 20 year low.
It is argued in certain quarters that the current surge in global oil prices is due to the reduced output from Nigeria. In which case, we have become a buffer for the rest of the oil producing nations at our own detriment.
This is not a good time to be a Nigerian as a result of the economic and security woes.
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