Vice President Yemi Osinbajo on Thursday said the country is planning a survival fund and payroll support for artisans, private school teachers and small businesses.
“Through the Economic Sustainability Plan, the FG’s focus is to save jobs and create new ones,” Osinbajo said while taking questions at the ongoing Nigerian Bar Association Conference.
There are a survival fund and payroll support for artisans, private school teachers & small businesses,” he added.
The impact of coronavirus has really affected the country’s economy causing a spike in unemployment, inflation amongst several others.
Nigeria’s economy is facing collapse as it largely depends on oil exports.
The oil markets have been on a downward trend as COVID-19 has crippled demand. Fuel prices fell and recorded 18-year low trading at less than 22 dollars per barrel and expected to go lower.
To salvage the situation, President Muhammadu Buhari during the height of the coronavirus inaugurated Economic Sustainability Committee on March 30, chaired by Osinbajo.
The committee was specifically charged with the responsibility of developing a clear Economic Sustainability Plan in response to challenges posed by the COVID-19 pandemic, and to propose monetary policy measures in support of the plan, among others.
Still, the country finance experts and organisations have projected that the country may experience a severe recession.
Minister of State for Budget and National Planning, Prince Clem Ikanade Agba on Tuesday said Nigeria may experience another negative growth in the third quarter of the year 2020.
“Is it likely that the growth in the third quarter will be negative or positive?, I think it is likely going to be negative considering the fact that the lockdown has just been lifted,” Agba said.
“But if we put on all our efforts, if we do what we have to do as Nigerians, then there will be room for recovery, it takes a joint effort, not only for the government but all Nigerians to take our country serious, play our roles in order to ensure that we have a quick recovery.”