The Federal Government has raised the fear that
except something urgent is done, about thirty-nine point four million Nigerians may be jobless by the end of the year as a result of the impact of the COVID-19 pandemic.
It also expressed the fear that millions more may slide into extreme poverty before the pandemic ends.
Vice President Professor Yemi Osinbajo painted the gloomy picture while presenting the report of the Economic Sustainability Committee to the President Muhammadu Buhari.
Presenting the report, Professor Osinbajo noted that the lockdowns and social distancing measures put in place to curb the spread of COVID-19 had a severe negative impact on farms and factories as well as on trade, transport and tourism.
He said that the federation might experience a shortfall of about one hundred and eighty-five billion naira monthly in the amount available for allocation to the three tiers of government.
The report titled ‘Bouncing back: The Nigerian economic sustainability plan,’ Osinabjo said the committee recommended that the government embarked on mass job creation to cushion the effect of COVID-19 pandemic.
The committee also recommended the expansion of the Social Investment Programme through an increase in the number cash transfer beneficiaries, N-Power volunteers and sundry traders enjoying small and micro loans through the MarketMoni and TraderMoni schemes.
Talking about implementation which he said was critical to the success of the plan, Osinbajo said the committee recommended that each minister would be responsible for supervising the implementation of plans situated in their respective ministries.
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