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Dr. W outlined that the proposed oil production benchmark was significantly higher than recent averages, highlighting an unrealistic expectation. He emphasized that while the government has implemented various reforms, the anticipated benefits had yet to materialize, raising serious concerns about fiscal sustainability.

Inflation and Cost of Living: A Tough Year Ahead

The analysis of Nigeria's 2024 economic landscape painted a challenging picture. Citizens faced unprecedented inflation rates, peaking at around 56%, alongside skyrocketing costs of living driven by soaring fuel prices and substantial increases in importation costs. Dr. W noted that many businesses are struggling, leading to widespread layoffs and closures, which exacerbates the economic crisis.