Following the outbreak of the Coronavirus (COVID-19) across the globe and its attendant disruption of the global economy, the Edo State Government has set up an Executive Council (EXCO) committee, which is developing an economic action plan to mitigate the impact of the pandemic on the state.
In a statement, Special Adviser to the Governor on Media and Communication Strategy, Mr. Crusoe Osagie, said the committee is currently accessing the virus’ impact on revenue and economic activities within the state to ascertain what responses would be adopted by the government to brace up for the economic shock.
The committee’s report, he said, will be submitted to the State Executive Council on Monday 23, 2020 for review and further deliberation.
Osagie said, “The Edo State Government has set up an EXCO committee that is currently developing an economic action plan to help the state mitigate the economic shocks of the novel coronavirus.
“The government has identified that revenue flow into the country from crude oil has reduced as a result of the pandemic, which is currently ravaging the rest of the world. The global price of oil has nosedived from around $50 /barrel to about $28/barrel, whilst economists predict that it may fall to as low as $10/barrel. This will significantly impact on the revenue that accrues to the state, hence the committee is developing an action plan to ensure that the state government continues to live up to its responsibility.”
“Some of these action plans will include further cutting of government’s expenditure, alternative sources of revenue, reduction in cost of governance, among others. The final report of this committee will be presented to the State Executive Council on Monday, March 23, 2020 for final review”, the governor’s aide added.
He noted that Governor Godwin Obaseki is confident that though the pandemic poses a serious threat to the nation’s economy, the state will leverage on the prevailing realities to further improve its economy, adding, “Surrendering totally to the pandemic is not an option. We’re certain that some of the measures to be proposed will help Edo State cushion the economic effects of the global fall in oil prices pending when this is over.”
