This study assesses the Nigerian economy over the past two decades using the key economic plans of the various administrations. It focuses largely on comparing the projected and actual performance of the real, monetary, fiscal and external sectors within the plans of each administration and their respective performance targets. Our assessment of the Nigerian economy confirms a high dependence on oil for both foreign exchange earnings and public sector revenues across all tiers of government. While there was no attempt in this paper to assess the potential economic impact of COVID-19 on the Nigerian economy, preliminary assessment from other sources (The Guardian, 2020) highlight the dangers of Nigeria relying on oil for its future growth and development. Our policy brief takes its direction and impetus from our findings and the economic challenges amplified by the emergence of COVID-19.