Democracy Day, 29th May

Democracy Day is a public holiday in Nigeria. This public holiday commemorates the restoration of democracy in the Federal Republic of Nigeria, when the then newly elected Olusegun Obasanjo took office at the President of Nigeria. It marked the end of multiple decades of military rule that began in 1966 dan had been interrupted only by a brief period of democracy from 1979 to 1983.

- Wikipedia

His Excellency Muhammadu Buhari
President of the Federal Republic of Nigeria
(source: Buhari campaign organisation)

FUEL CRISIS!!!

Actually the problem starts way back. I mean way back. For the sake of argument,  and since it is my blog...I can pretty much say what I want. Nothing I say will bring down the (stock) market or appreciates the Naira (currency) anyway...But the problem begins when the fuel price in international market simply...drop.

The fuel price has been hanging around the region of USD100 since 2010. Higher consumption of the black gold around the globe and high demand in China, coupled with uncertainty in some oil producing countries like Iran and Libya (both are OPEC members) pushes the prices. Production can't keep up, so the price soar...a case of supply and demand. 

note the Demand and Supply line (source: Int. Energy Agency)

Fast forward to 2014, the demand became lax and supply overtook. Unused oil was being stockpiled for later use. Supply outstrip demand, the price went down.