This is the third in the series titled WHEN GENIUS FAILS. The first two were written in 2008 about two individuals, Professor Chukwuma Soludo and Dr Ndidi Onyuike, Governor of Central Bank and Director General of the Nigerian Stock Exchange respectively, at a time when most people in Nigeria were not aware that banking “Con-SOLUDO-tion” was failing and leading to banking disaster and that the NSE was heading for a crash. Mine was a lone voice shouting in the wilderness – until banking crisis became a reality and the Stock Market collapsed.

For close to a year now, warnings have been given on this page regarding the impending economic reversal which will affect Nigeria – starting now. The reaction from my Fellow Nigerians had ranged from absolute indifference to a collective snooze. The man speaking in the wilderness, apparently to weeds, had a better audience than this columnist writing in the VANGUARD. I might as well be talking to trees myself. But, suddenly, everybody, except President Jonathan, the Federal Minister of Finance and other card-carrying members of the PDP have come to the realization that we are headed for deep economic trouble –starting now.

The report written by Sunday Aborisade exhibits the triumph of hope and self-delusion over reality and the verdicts of economic history and experience. Neither one of the two key foundations of our budget can, by any stretch of imagination, be considered reasonable – given global current situation and trends into 2015.

Mr Olisa Agbakoba, SAN, is not a run-of-the mill lawyer. Even among Senior Advocates of Nigeria, SAN, he occupies the front rank. As a former President of the Nigerian Bar Association, NBA, he would be expected to stand, at all times, as a shinning example to others. So, when this story broke, my first reaction was shock.

Crude oil has always been a slippery stuff – good when under control; destructive when out of control. Crude oil is about to destroy the Nigerian economy faster then Boko Haram or even Ebola.