Nigeria’s economy to be driven by oil revenue this year – Agusto

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A renowned economist and financial expert, Bode Agusto, has predicted that the nation’s economy will gain significant higher grounds this year, but will be driven by the crude oil market, The Guardian reports.

According to him, though this would be possible because of the rise in oil price, which will oscillate between $60 and $80 per barrel, the government would have to make significant sacrifices to be able to sustain this positive note on the nation’s economy. Agusto noted this in a breakfast meeting organised recently in Lagos by Ecobank Nigeria Limited.

He maintained that for the significant growth of the Nigerian economy, which is bound to happen this year to be sustained, the federal government must significantly cut down on needless spending. “We need fundamental reforms that can stop the growing expenditures, which is well over 100 per cent and leads to no free cash flow for investment in infrastructure.”