How Ogun State plan to tackle economic effects of coronavirus

How Ogun State plan to tackle economic effects of coronavirus

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Due to the global economic challenges and crash in prices of crude oil brought by the coronavirus pandemic, Ogun State Government has put in place some measures to mitigate the effects of the imminent reduction in monthly Federation Account Allocation Committee (FAAC).

 

Governor Abiodun revealed the measures on Thursday after receiving the interim report of the State’s Economic Team led by the Honorable Commissioner of Finance and Chief Economic Adviser, Dapo Okubadejo.

 

The measures include budget review in line with current realities, restructuring and refinancing of existing loan obligations, and processing of new credit facilities to improve the State’s cash flow and take advantage of more favourable interest rate regime in the country.

 

The government plan to enhance the living standard of the citizens by focusing on critical sectors such as agriculture, healthcare and infrastructure. Among the measures to be taken is the ban on nonessential travel by all civil servants and political appointees across Ogun State

 

“I assure everyone that our administration remains focused on fulfilling our campaign promises, and we will not be deterred by the realities of the current pandemic” – Governor Abiodun said.

 

“We will optimally block all leakages in revenue management, while significantly reducing spending just as we have already banned avoidable travels by civil servants and political appointees.”

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