Oil Money: HONEY OR POISON?
(A New Nigerian Newspaper Editorial Written 45 Years Ago, Precisely On June 29, 1974)
“It is commonplace to say that Nigeria is at the moment very lucky because of oil revenues. In a very real sense we have much more money than our system can absorb. Unofficial estimates put the figure added to our reserve this year at N2,000m. In many essential respects this bounty has been a blessing. It has enabled us to repay some of our outstanding foreign loans, liberalised commercial and industrial policies and has enabled increased revenue to be diverted to building of modern infrastructure commensurate with our executive capacity.