Lagos - The current economic crisis in the country has compelled media giants, Leadership and Punch newspapers to downsize their staff strength, Premium Times reports.
Sources in Leadership Newspaper in Abuja and The Punch in Lagos revealed that the media outfits recently laid off over a hundred journalists between them, citing rising cost of operation amidst a general economic downturn.
Sources in The Punch said the paper, one of the largest employers in the industry, cut between 30 to 40 jobs within the past week.
A management source who confirmed the development said some of the staff were dismissed following a staff performance appraisal.
In Leadership according to sources, about 70 per cent of the company’s staff were either converted to freelance or furloughed.
Nigeria’s economy slipped into recession late August after contracting for two consecutive quarters due to months of low crude prices.
Several businesses have been forced to close down or downsized as the economic crisis deepens.
The National Assembly last week passed a motion to invite President Muhammadu Buhari to address the legislature on efforts being made by his administration to on the current economic recession according to News24.
The Senate passed the motion in concurrence with the House of Representatives.
With the invitation, President Buhari who would address a joint Session of the National Assembly, would intimate the lawmakers on his administration’s plans to get Nigeria out of the present economic recession that at the moment, biting Nigerians.
- News 24