Over 39 million Nigerians Will Be Jobless, Others Will Become Extreme Poor Because Of Coronavirus – Osinbajo

June 12, 2020
134 Views
Yemi Osinbajo

Yemi Osinbajo

Vice President Prof. Yemi Osinbajo, has revealed that a staggering 39.4 million people may lose their jobs in Nigeria by the end of 2020, if the government “fails to take prompt preemptive measures.”

The Vice President spoke on Thursday as he presented the post COVID-19 Economic Sustainability Plan to President Muhammadu Buhari at the Presidential Villa, Abuja.

The post-COVID-19 Economic Sustainability Plan was embarked to mitigate the impact of the COVID-19 pandemic on country’s economy.

Osinbajo added that, with a severe downturn in Nigeria’s oil earnings, the country would still have a shortfall of about N185 billion every month.

The Vice President explained that the mandatory lockdowns and social distancing measures rules imposed by the government due to the Coronavirus pandemic have had a severe negative impact on the economy.

According to him, the rules have affected the farms and factories, as well as on trade, the transport industry and tourism.

“Several projections, including those done by the NBS on behalf of the Economic Sustainability Committee, showed: a severe downturn in our oil earnings, as a result of which, even with oil price at 30 dollars a barrel, we would still have a shortfall of about N185 billion every month, in the amount available for allocation to the three tiers of Government,” the VP said.

“Unemployment may rise to 33.6% or about 39.4 million people by the end of 2020, if we fail to take prompt preemptive measures.

“Millions more will fall into extreme poverty, before the pandemic ends.”

He further explained that GDP may fall to between minus 4.40% and minus 8.91%, which, according to him, is depending on the length of the lockdown period and strength of the country’s economic response.

You may be interested

No G-5 governor visited ‘lying’ Ayu – Wike
News
21 views
News
21 views

No G-5 governor visited ‘lying’ Ayu – Wike

Webby - February 7, 2023

River Governor Nyesom Wike has described claims by the National Chairman of the Peoples Democratic Party (PDP) Iyorchia Ayu that…

Reims Seek To Retain Balogun
Sports
Sports

Reims Seek To Retain Balogun

Webby - February 7, 2023

Reims are hoping to utilise all available means to retain star striker, Folarin Balogun to the club in the summer…

AIG Habu Ahmadu now Force Secretary as IGP orders posting, redeployment of DIGs, AIGs, CPs
News
13 views
News
13 views

AIG Habu Ahmadu now Force Secretary as IGP orders posting, redeployment of DIGs, AIGs, CPs

Webby - February 7, 2023

By Hassan Zaggi The Inspector General of Police (IGP), Usman Alkali Baba, has redeployed Assistant Inspector General of Police (AIG),…

Leave a Comment

Your email address will not be published.