Oil Price Crash: Mass sacking looms in Private, Public sectors

Oil price crash: Mass sacking looms in private, public sectors

As crude oil price continues its descent, and the economy falters, strong indications have emerged that workers in both private and public sectors are faced with mass retrenchment.

Stakeholders in both sectors, who spoke to SUNDAY PUNCH on Friday, painted a gloomy picture of the economy and the prospects of workers in the new year. They based their projections on recent happenings in the Nigerian and global economies. Oil prices have been in steep decline since June 2014 as a result of
slow demand growth and the United States' oil boom, which has increased supply.

The global oil benchmark, Brent, against which Nigerian oil is priced, on Tuesday, tumbled below $58 per barrel, hitting its lowest levels since May 2009.

PUNCH had exclusively reported on Tuesday that at least 70,000 civil servants in 30 ministries, departments and agencies of the Federal Government had yet to receive up to three months salaries.