The Federal Airports Authority of Nigeria, FAAN, has announced the slashing of staff salaries into half due to the debilitating effect of COVID 19 on the Aviation industry, thereby fuelling fears that the country is in for a rough ride post-COVID 19. There have been dire warnings that Nigeria will slip back into recession, the worst that will be witnessed by the county in recent times. A former Minister under the Goodluck Jonathan Presidency has recently warned that Nigeria as currently constituted does not have what it takes to handle the post-COVID crisis.
In a memo signed by the Managing Director of FAAN, Hamisu Yadudu, the Authority said that owing to the COVID 19 crisis, FAAN had no option than to slash salaries into two for the staff, starting from May. He, however, said the accumulated half of the salaries will gradually be paid off as soon as things improve.
“This is to notify staff that due to the dwindling revenue generation amid COVID 19 pandemic, management may not be able to pay full salaries of staff as from May 2020. However, as soon as the revenue situation improves, the balance will be paid”, the memo stated.
The memo also said the measure is for the survival of the company.
There have also been palpable fears that the federal civil service may not be able to pay salaries starting from May until the economy improves. The debt burden of the Country coupled with the drastic decline in oil revenue will be blamed for this, even though skeptics will blame corruption for our empty treasury. They cite boldfaced attempts at feeding school children who are at home and the distribution of palliatives as being financial drain pipes.
Already, fears of Job loss loom at the horizon. Last month, Access bank disengaged over 20, 000 workers before the Bankers’ committee met and nullified any move by any Bank to sack workers. The result is an increase in arbitrary charges for Bank transactions.
