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General News of Thursday, 11 June 2020

Source: www.mynigeria.com

COVID-19: 39 million people to lose their job before 2020 ends - Osinbajo

Yemi Osinbajo Yemi Osinbajo

Vice President Yemi Osinbajo has advised the government to take preemptive measure to prevent 39.4 million people from losing their jobs by the end of the year 2020.

Osinbajo made this known on Thursday while presenting the post-COVID-19 Economic Sustainability Plan to the President, Major General Muhammadu Buhari (retd.).

He also explained the the country suffered losses due to the lockdown order declared by the Federal Government over coronavirus.

“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 dollars 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,” the VP said.

“Unemployment may rise to 33.6% or about 39.4 million people by the end of 2020, if we fail to take prompt preemptive measures.

“Millions more will fall into extreme poverty, before the pandemic ends.”