The Vice President, Yemi Osinbajo, has disclosed that according to projections received by the economic sustainability committee, 39.4 million Nigerians might be unemployed by the end of 2020.
He presented the committee’s report to President Muhammadu Buhari on Thursday, June 11, stating that the National Bureau of Statistics also projects a revenue shortfall of N185 billion monthly with oil prices at $30 a barrel.
Osinbajo highlighted the need for prompt measures to prevent the realization of these projections. He revealed that the committee has been tasked with developing a credible sustainability plan for repositioning the Nigerian economy pre and post the COVID-19 crisis period.
In his statement, Osinbajo quoted, “Several projections, including those done by the NBS on behalf of the economic sustainability committee, showed a severe downturn in our oil earnings…”
The committee further recommended that ministers be responsible for the implementation of plans within their respective ministries.
President Buhari commended the committee for completing their assignment in good time and pledged additional efforts to improve the citizens’ livelihoods. He acknowledged the resilience of Nigerians in adapting to the effects of the COVID-19 pandemic and recognized the efforts of frontline health workers.