FGN Is Planing Survival Funds And Payroll Support For Private Schools Teachers And Others

Nigeria's Vice President Yemi Osinbajo on Thursday revealed that the country is planning a survival fund and payroll support for artisans, private school teachers and small businesses.

Osinbajo stated that through the Economic Sustainability Plan, the FG’s focus was to save jobs and create new ones. He said this while taking questions at the ongoing Nigerian Bar Association Conference.

“Similarly, there is a survival fund and payroll support for artisans, private school teachers & small businesses,” he disclosed.

The impact of coronavirus has really impacted the country’s economy negatively causing a spike in unemployment, inflation amongst several others.

Nigeria’s economy is near collapse as it largely depends on oil exports. The oil markets have been on a downward trend as COVID-19 has decreased demand. Fuel prices dropped and recorded 18-year low trading at lesys than 22 dollars per barrel and expected to go lower.

To salvage the situation, President Muhammadu Buhari during the height of the coronavirus set up an Economic Sustainability Committee which was inaugurated 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 brought about 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 might experience a severe recession.

Minister of State for Budget and National Planning, Prince Clem Ikanade Agba on Tuesday stated Nigeria might 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 stated.

“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 of government, but all Nigerians to take our country serious, play our roles in order to ensure that we have a quick recovery.”