The federal government has asked banks not to sack there workers and beg them that the economy will soon bounces back.
The federal government has explained why it decided to appeal to banks to stop their mass sacking process.
Three banks have already sacked some of their workers and have attributed it to the current economic crises the country is going through.
The Punch reports that the minister of budget and national planning, Senator Udo Udoma, said when the economy picks up again, the banks would need those workers.
The minister said this at the end of the federal executive council meeting presided by the vice president, Yemi Osinbajo.
He said: “With regards to the plea to the private sector (not to sack workers), it is because we know that by the time the economy picks up, they will need those people again. “We know the economy is going to pick up and we are confident about that.
That is because of our plan, the plan was conceived because we knew that this was the trajectory we will move into.
“I will give you an indication of some of those things in the plan. For agriculture for instance, we plan to be self sufficient in rice within a certain number of years, in wheat within a certain number of years.
“Indeed the Vice-President has just set up a task force headed by the governor of Kebbi State to realise that.
“We want to stimulate the private sector because we know that even the spending by government alone will not be sufficient, we also need to have policies that will encourage the private sector.”
Meanwhile, the minister for labour and employment, Dr Chris Ngige directed the immediate suspension of the on-going retrenchment in the financial services sector pending the outcome of the conciliatory meetings in the industry.