The Federal Government says 39.4 million Nigerians many be lose their jobs before the end of the year as a result of the COVID-19 outbreak in the country.
Osinbajo said that millions may slide into extreme poverty before the pandemic ends.
Presenting the report to the President, Osinbajo noted that the lockdowns and social distancing measures put in place to curb the spread of COVID-19 had had a severe negative impact on farms and factories as well as on trade, transport and tourism.
He said the federation might experience a shortfall of about N185bn monthly in the amount available for allocation to the three tiers of government.
The Vice President 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 N185bn every month in the amount available for allocation to the three tiers of government.
“They showed that unemployment may rise to 33.6 per cent or about 39.4 million people by the end of 2020, if we fail to take prompt preemptive measures.
“They showed that millions more will fall into extreme poverty before the pandemic ends; and that GDP may fall to between -4.40 per cent and -8.91 per cent, depending on the length of the lockdown period and strength of our economic response.”
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