A report by the Economic Sustainability Committee (ESC), chaired by Vice President Yemi Osinbajo, has projected that unemployment in Nigeria may rise to 39.4 million or 33.6 per cent in December.
It also predicted a monthly oil revenue loss of N185 billion for the country.
Osinbajo presented the committee’s report to President Muhammadu Buhari thursday in Abuja.
The president set up the committee on March 30 to come up with economic sustainability plan as a response to challenges posed to the economy by the COVID-19 pandemic.
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); 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.
Presenting the report tagged: “Bouncing Back: The Nigerian Economic Sustainability Plan,” at a forum attended by some ministers at the State House, Osinbajo said 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.