By Our Correspondent
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.
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