COVID-19: FCTA loses 50% outdoor advertisement revenue

The Nigerian Federal Capital Territory Administration, FCTA, says it has lost more than fifty percent revenue accruing from outdoor advertisement and signages as a result of the dreaded Coronavirus pandemic.

The Director, Department of Outdoors Advertisement and Signages in the FCT, Dr Babagana Adam revealed this to journalists in Abuja Nigeria’s capital.

Dr Adam said within the first quarter of 2020, the department was generating over a hundred and fifty million naira monthly before the shutting down of all revenue collection sources and other activities because of the COVID-19 pandemic.

According to Dr Adam, ” We are almost at a hundred and fifteen millions monthly, because December, January, February, we hit the scale of a hundred million so we became hundred millionaires monthly for the Department. That’s mean we are getting it right”.

“You know if you are scoring one goal per game and end up scoring three goals per game, your average score is higher. So this is how I will describe how COVID-19 has affected us from a hundred and fifteen millions a month in December, January and February and even Match, we became affected up till about 50 percent “, Adam disclosed.

” You are almost touching the cloud then all of a sudden you return to the mountain top, you see is a great devastation. This is because as a department established by law, as a department that works with people with human face you can’t at this pandemic period go and ask for revenue during the lockdown. So in the month of April, March and June virtually, virtually there is no revenue drive”.

Dr Adam while expressing his depatrment’s determination to boost revenue generated from Outdoors Advertisement and Signages, gave assurance that the dream of generating three billion naira from the Department in 2020 is still feasible despite the pandemic.

myfinancialintelligence.com