Polytechnic loses over N200million to pandemic in 2020
The Federal Polytechnic, Bauchi, has said it lost over N200m from the institution’s consultancy services to COVID-19 pandemic last year.
Managing Director of the Polytechnic Consultancy Services Limited, Mr Ibrahim Labaran, who stated this in his office said the institution’s 14 investments including academic programmes, guest inn, printing and publishing firm, block industry, water factory, fishing farm, restaurant, building and civil engineering firm, were badly hit in 2020 due to COVID-19.
He said: “Across our business arms, in 2013 it was about N270m, 2014 was N232m, 2016 was N224million but the average is about N200million turnover yearly.
“In 2020, we were badly affected by the pandemic because nothing was moving. There was a lockdown and our hotel, which is one of the cash cows, did not record a single guest for three months. Our hotel staffs were idle but we were able to pay them. There was no turnover during the period,” he said.
Labaran said the school’s consultancy services have been able to avert industrial action from the staff. According to him, the services approved N30, 000 to meet the demands of members of staff who threatened to down tool over unpaid allowances.
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