The coronavirus disease, covid-19, pandemic has affected countries in two major ways namely, loss of human lives and economic meltdown. In response, world leaders are battling the deadly virus with very difficult decisions that have a far-reaching impact on global commerce and trade. Among the commodities worst hit by scaling down of trade is crude oil, which has crashed to an all-time low of less than $20 per barrel.
Economic projections around the world for 2020 are no longer attainable, accordingly, Governor Emmanuel’s first line of action is to review the state budget to concentrate on survival. He may suspend some capital projects, make adjustments that will ensure overhead is reduced in order to operate within the resources available and prioritize government activities on how to ensure the state economy survives the meltdown. There are also measures in place to seal leakages and save scarce funds.
To sustain the local economy during this period, the administration is looking at encouraging activities of small and medium scale entrepreneurs. The target is to ensure that policies are put in place to stimulate production at the micro and medium scale. This way, basic essentials like food and beverages will be produced locally.
Lastly, to sustain rapid and uniform development of the state, the governor has proposed a long-term economic plan. Speaking on this plan, Mr Okon said “the governor has given my ministry the approval to start the plan.
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