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Delta to cut political appointees, workers’ salaries effective from July

Following the dwindling global economy occasioned by the ravaging coronavirus pandemic, the Delta State Government, weekend, said there would be a review of the salary of political appointees and workers on salary grade level 7 and above for six months with effect from July 2020. Secretary to the State Government, Mr Chiedu Ebie, who disclosed this, yesterday, while briefing newsmen in Asaba, said the decision was part of measures to overcome the debilitating effect of COVID-19 on the national economy. Saying that the state government had adopted interim fiscal measures to sustain public spending, Ebie noted that the decision to review workers’ salary was reached at a consultative meeting with the organised labour in the state. He said the review was painful, difficult but inevitable, addi...

Oyo APC, Governor Makinde in war of words over N100 billion bond

The All Progressives Congress (APC) in Oyo State, yesterday, said it has uncovered fresh plots by Governor Seyi Makinde to add to the debt profile of the state through what it called needless borrowing of N100 billion styled bond by the governor to finance some projects. But the state government, in a swift reaction, said the APC was frustrated and has exhibited its mercantile approach to governance. The war of words came on the heels of Governor Mankinde’s approval for the issuance of N100bn Private bond for circular road, Iseyin-Ogbomoso road, Ibadan Airport expansion. However, APC, in a statement by its Publicity Secretary in the state, Dr. Abdul-Azeez Olatunde, noted that the governor on his assumption of office, was shouting on the roof top of meeting debt from his predecessor, in the...

Coronavirus Could Cost Global Economy $8.8 Trillion

Sourced from Finance Monthly. The coronavirus pandemic could cost the global economy between $5.8-trillion and $8.8-trillion, according to the Asian Development Bank (ADB). The BBC reports that this is more than double last month’s prediction and equates to 6.4%-9.7% of the world’s economic output. This comes as measures to slow the spread of COVID-19 continue to paralyse economic activity around the world. Globally, authorities have taken aggressive action to cushion their economies from the outbreak’s impact. /* custom css */ .tdi_3_160.td-a-rec-img{ text-align: left; }.tdi_3_160.td-a-rec-img img{ margin: 0 auto 0 0; } “This new analysis presents a broad picture of the very significant potential economic impact of Covid-19,” the ADB’s chief economist Yasuyuki Sawada says. “It also highli...