Nigeria Urgently Needs Economic Democrats – Cross River Assembly Speaker, John Gaul

In Breaking News, National News, Politics, Reports

By Our Correspondent

Hon. John Gaul Lebo, Speaker CRSHA
Hon. John Gaul Lebo, Speaker CRSHA

The Speaker of the Cross River State House of Assembly, Hon. John Gaul Lebo, has called for a reform process to achieve Economic Democracy rather than the prevailing Political Democracy in the country.

The Speaker expressed concerns that with falling oil prices and dwindling economic fortunes across the globe, Nigeria as a nation is in depression and may soon require bail out if there is no drastic paradigm shift in the management of the nation’s politics and economy.

According to him, “About 5 years ago I attended the side meeting of the world economic forum. The forum postulated that:

“1) By 2015 the price of oil will be below $40 and any country completely dependent on oil will enter into a crisis of deep depression.

“2) By 2015, the global funding for all development programs will diminish by 70%, and the MDG project life cycle will expire, African countries must immediately put in place a back up program.

“3) African countries must immediately put in place a reform process to achieve Economic Democracy rather than the prevailing political Democracy.

“4) Foreign direct investment will diminish by 70 % because the developed countries will suffer more severe economic downturn.

“Just 5 years down the line, no one seems to be thinking. The implications is obvious, with $35 per barrel and a budget anchored on $38 on a medium term expenditure framework, we are in depression. I think subsidy will go, salaries will go down. Nigeria will need Bailout!

“Who will bail Nigeria? We urgently need Economic Democrats.! He cried out.

Since You Are Here, Support Good Journalism


CrossRiverWatch was founded on the ideals of deploying tech tools to report in an ethical manner, news, views and analysis with a narrative that ensures transparency in governance, a good society and an accountable democracy.

Everyone appreciates good journalism but it costs a lot of money. Nonetheless, it cannot be sacrificed on the altar of news commercialisation.

Consider making a modest contribution to support CrossRiverWatch's journalism of credibility and integrity in order to ensure that all have continuous free access to our noble endeavor.

CLICK HERE

New Feature: Don't miss any of our news again.Get all our articles in your facebook chat box.Click the Facebook Messenger Icon below to subscribe now

Text Advert by CRWatch :Place Yours

Will You To Learn How To Make Millions Of Naira Making Special Creams From Your Kitchen?.Click Here


Expose Your Business And Make More Sales. Advertise On CrossRiverWatch.com Today

You may also read!

Before You Misrepresent The Facts BY JARIGBE AGOM

I have heard some people say, Governor Ayade made me. For those that have been around, we all know

Read More...

CALABAR: Landlord Sets Tenant Ablaze Over 11,000 Debt

By Emma Una David Ntiero Okon, a landlord in Calabar, the Cross River State capital is currently colling his

Read More...

#CRNorthDecides: PDP, AAC May Lose Out As INEC Publishes Candidates Details

By Jonathan Ugbal Ahead of the October 31, 2020 senatorial bye-election in Cross River northern district, the Independent National

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu

Share this now