20 November 2008
Lagos — A chieftain of the Action Congress (AC) Chief Audu Ogbeh, has warned that Nigeria will go bankrupt in the next five years, if the present administration of President Umaru Musa Yar'Adua continues to run the country the way it is doing.
Ogbeh who spoke in Abuja Tuesday evening, told Daily Champion that the nation's external reserves is already nose-diving without any concrete plan to grow the economy or source alternative revenue generation.
The former chairman of the Peoples Democratic Party (PDP), also lamented that the Nigerian economy had been in recess since 1986 with industrial growth hitting all time low of about four percent, which can only be compared to the 1960s level.
While disclosing plans to float Abuja Debating Society (ADS) which will give birth to Lagos Debating Society (LDS), Ogbeh said our foreign reserves was already being depleted to the tune of $50billion and that Yar'Adua's administration is still bent on excessive importation.
He warned that if the spending pattern continues, the country will not have any more fund but will become bankrupt the next five years.
He said with oil prices going down and the western world aggressively seeking for alternative source of energy, Nigeria is set to lose revenue.
He said that already the United States (US) had discovered unassociated gas and may not need to import from Russia or even Nigeria, adding that Nigeria is not developing or planning to develop anything warning that soon, the oil windfall may dry up.
According to him, "If the oil prices are crashing and the western world is not going to depend on oil, they are not buying enough, the revenues are dropping, well what do you want to do? We are not expecting anything else, what more, we are only importing!
Ogbe said when in place, (ADS) will not only help drive government police but give Nigerians voice and opportunity to contribute to decision making.
"It is not going to drive only government policy but the Nigerian public will also discuss itself things that concerns all of us most not only be discussed on television, let the crowd gather, lets discuss, this is Nigeria and this is democracy.
"The economy for instance since 1986 has been in some form of recession really apart from the fact that oil has been coming" otherwise industrial growth has gone to four percent to the levels of 1960s. So isn't there something wrong with some part of our economy policy? We are running at interest rate that is up to about 25 per cent how can we grow?
"We are going to use the platform of the debating society to discuss issues, not to attack government just to debate," he added.
On Nigeria becoming one of the largest 20 economies by the year 20-20, he said: "Yes it is a good dream but how do you make the dream a reality, we have no railway, the power-supply is low, industrial capacity is very low, unemployment is high, on food security we are still dependant on import, how do you then develop to become one of the largest economy?
"Again part of the issue is this, if you want to grow the economy lets talk! I hope the media will help us out, we are counting on the media support because we are in huge problem. For example youth problems, why are youths involved in crimes, is it necessarily their mother, their father who taught them, or is it new trends from movies or is it the state of the economy that is causing what is going on and where will parents come in?
"We must change because there have been too much surrender, too much quiet, there is a total surrender to government, what will the government do, where will the government go, government needs to know what the people feels, what the people wants government to do."
He further said that the younger generation is in for hard time as the successive government had not planned for them or put anything in place to make life easy for them.
On this he queried: "How well are we preparing the ground for those of you coming behind, what is the hope for younger people? When do they marry, get a home, rear their own children, pay school fees, the minimum school fee in Abuja now is N100,000 N150,000 per term those are the private ones, the public ones are not good at all.
"Believe me for you younger generation I am scared! During our time, once you graduated two days before graduation you have a job before your last paper, you bought a car within two weeks, you have a car loan, and all that you want but now as a full graduation you return home for second childhood, another five years you are in your fathers house looking for job, and there is no hope," he said.
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