Hard times have hit several companies in the Federal Capital Territory [FCT], Abuja, as massive downsizing and slashing of salaries is on the rise as a result of the economic recession having its toll on the nation’s economy.
Elombah.com correspondent, who went through Abuja, discovered that several companies, especially construction companies are either completely packing up or seriously downsizing.
Cover picture shows Julius Berger offering its used vehicles, construction equipment and machinery for sale
Construction giant, Julius Berger Plc has continuously been shedding hundreds of workers for two consecutive years.
Not done with that, the company recently slashed the salaries of its workers by half and gave its staff option to accept the half or leave.
Not left with much option, some beleaguered workers have chosen to accept the offer as the job market has little option to offer.
Presently, the construction giant is a shadow of itself as many construction sites have been abandoned or left with little or no activities.
Another company that has been hard-stricken by the economic recession is Setraco.
Several of its former staff has been left to fend for themselves as the company could not sustain its salary structure.
Its quarry site located in Mpape axis has been shut down. The rest three companies sharing the premises with Setraco will close shop in December, 2016.
Another quarry company in same Mpape axis – Perfect Quarry Limited has announced that it will also shop also in December.
The company cited very low patronage amidst other crisis as reasons for the decision.
Other mushroom construction companies have already fizzled out of existence, leaving the big players struggling for breath.
On Sunday, December 12, President Muhammadu Buhari expressed optimism that the 2017 budget which he will present to the National Assembly on Wednesday the 14th will bring succour to the troubled economy.
President Buhari declared this in his 2016 Eid-El-Maulud message to the nation.
In his words: “The 2017 Budget proposals which I will lay before the National Assembly on Wednesday, will contain measures that we are confident will get the nation out of its economic woods.’’
Recently, the federal government has outlined a 10-point fiscal roadmap to reset the economy to a path of growth.
The Minister of Finance, Mrs Kemi Adeosun revealed the outline when she represented Vice President Yemi Osinbajo, at the annual dinner of the Lagos Business School.
She itemised the fiscal policies and actions to be rolled out to tackle the key barriers to growth.
Adeosun noted that “the Federal Government’s Fiscal Roadmap is addressing barriers to growth that will drive productivity, generate jobs and broaden wealth creating opportunities to achieve inclusive growth.”
She stated that the Muhammadu Buhari administration is determined to convert Nigeria to a productive economy rather than one that is consumption driven.
“To do so, government would tackle the infrastructure deficit to unlock productivity, improve business competitiveness and create employment.”
She stated that “Government would actively partner with the private sector to achieve this by use of a number of new funding platforms.
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