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.