By our reporter| Vice-President Yemi Osinbajo on Thursday submitted the post-COVID-19 Economic Sustainability Plan to President Muhammadu Buhari.
Laolu Akande, the Senior Special Assistant on Media and Publicity, revealed this in a tweet on his official handle.
The tweet read, “Plan ready sir, as VP hands over the Sustainability Plan to Mr. President this morning at the Aso Villa Chambers.”
Presenting the report to the President, Osinbajo said his committee received projections that the number of unemployed people may rise to 39.4 million by the end of 2020 if the government does not take prompt measures.
The vice president also noted that the National Bureau of Statistics also projects that the country would have a revenue shortfall of N185 billion monthly with oil prices at $30 a barrel.
Osinbajo said, “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 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;
“That unemployment may rise to 33.6 percent or about 39.4 million people by the end of 2020 if we fail to take prompt preemptive measures; that millions more will fall extreme poverty before the pandemic ends; that GDP may fall to between minus 4.40% and minus 8.91%, depending on the length of the lockdown period and strength of our economic response.”
“We have therefore recommended that we must carry out mass programmes that create jobs and utilise local materials. Such will include a mass agricultural programme, which is expected to bring between 20,000 and 100,000 hectares of new farmland under cultivation in every state of the federation and create millions of direct and indirect job opportunities.
Responding, President Buhari noted that with the kind of wide consultations, (including NASS, Govs & co) that went into developing the plan, it is actually a “National Plan,” and commended Nigerians for adapting to the realities of the pandemic.
Buhari said, “This has been a trying time for those in the informal sector, which constitutes a large part of our economy, important family celebrations were held without the presence of loved ones, schools are closed and parents have had to resort to homeschooling in addition to juggling other responsibilities.
“Despite all these, Nigerians have done their best and persevered. I must salute Nigerians for their resilience in adapting to the realities of the COVID-19 effect while also recognising the superhuman effort of our frontline health workers.”
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