The long-standing habit of exaggerating oil revenues in Nigeria is used by the National Assembly to cover the bogus constituency projects of members and is at the root of grave concerns by the International Monetary Fund (IMF) of fiscal risks faced by the country, BusinessDay has learnt.
Caution is the watchword among oil exporting countries when adopting oil price forecasts, because of the acute volatility caused by geopolitical occurrences but in Nigeria caution is thrown to the wind by legislators who over the years have sought to operate
