Vice President Yemi Osinbajo has revealed that even if the price of crude oil in the international market stabilised at $30 per barrel throughout the year, Nigeria would still lose N185 billion monthly causing a rise in unemployment.
President Muhammadu Buhari had on March 30 set up the Economic Sustainability Committee ,ESC, directing them to come up with economic sustainability plan as a response to challenges posed to the economy by the COVID-19 pandemic.
The Vice President who chaired the committee , while presenting its report tagged “Bouncing Back” to the President projected that unemployment in Nigeria may rise to 39.4 million or 33.6 per cent in December.
The committee was also constituted to come up with monetary policy measures in support of the plan; provide a fiscal/monetary stimulus package, including support to private businesses with emphasis on strategic sectors most affected by the pandemic and vulnerable segments of the population.
Other mandates of the committee included identifying fiscal measures aimed at enhancing distributable oil and gas revenue; increasing non-oil revenues and reducing non-essential spending towards securing sufficient resources to fund the plan; articulating specific measures to support the states and the Federal Capital Territory,FCT.
Also included is proposing a clear-cut strategy to keep jobs and create opportunities for new ones as well as identifying measures that may require legislative support to deliver the plan.
President Buhari is however optimistic that amidst the COVID-19 pandemic that the economy of the nation will come out strong.