Of all the policy options at the disposal of the Federal Government in response to the recent slump in the price of crude oil, fiscal austerity is the most morally justified. It is also the least risky option. But as with all economic policies, there are countervailing arguments.

Hopes of stable power supply in the country have received another boost with the introduction of the N213 billion Nigeria Electricity Market Stabilization Facility (NEMSF) designed to address obstacles to increasing power generation.

As the price of crude oil plummets globally, Nigeria is in for a hard time because most of her revenues come from crude oil sale. Unfortunately, not only is the price decreasing but also sales as many of Nigeria’s customers have now either discovered crude oil in their country or are more dependent on renewable energy.

A survey carried out by Enhancing Financial Innovation & Access (EFInA) Access to Financial Services in Nigeria in 2014 revealed that 2.6 million Nigerian adults representing 2.8 percent, currently have a microfinance bank account.

Following the communiqué after the 2014 annual Brand Journalists Association of Nigeria, BJAN conference,, stakeholders in the Nigerian project have called for diversification of the economy from its mono-product nature to tourism to avoid immediate insolvency.