Why are we inching to be nation with highest unemployment rate in the world? Atiku asks

▪︎ It Is time to help this government help Nigeria, he says, as position clashes with Osinbajo’s claims

Former Vice President Atiku Abubakar is at a loss how Nigeria is about to emerge the country with the world’s highest unemployment rate, and he is calling for action, beyond hopes and rhetoric

The federal government has never stopped throwing up figures of how it is creating and saving jobs. Just last week, the Office of the Vice President claimed that with the release of about N288 billion out of the N500B appropriated for COVID-19 intervention programmes under the Economic Sustainability Plan (ESP), at least 2.1 million jobs have been saved.

But Independent research is putting a question mark on the claims many see as spurious.

Atiku, for example prefers one of the independent reports.

In a statement on Sunday, the worried former number two man said: “I have never felt so bad at being proven right, as I am by the report from Bloomberg Business on Saturday, March 27, 2021 that Nigeria is to emerge as the nation with the highest unemployment rate on Earth, at just over 33 per cent.

“We warned about this, but repeated warnings by myself and other patriots were scorned. And now this.

“How did Nigeria get here? We got here by abandoning the people-centred leadership and free trade and deregulatory policies of the Obasanjo years (which saw us maintain an almost single digit unemployment rate), and implementing discredit command and control policies that have led to massive capital flight from Nigeria.

“And even with the paucity of funds, we continue to ramp up government involvement in sectors that ought to be left to the private sector, with the latest being the ill-advised $1.5 billion so called rehabilitation of the Port Harcourt Refinery that has failed to turn a profit for years.

“What this government must realize is that the unprecedented insecurity Nigeria is facing is the result of youth unemployment. Idleness is the worst feature of unemployment because it channels the energy of our youth away from production, and towards destruction, and that is why Nigeria is now the third most terrorized nation on Earth.

“Now, how do we address this challenge?

“In 2020, I recommended that to immediately and drastically bring down youth unemployment, every family in Nigeria with at least one school age child, and earning less than $800 per annum should receive a monthly stipend of 5000 Naira from the government via their BVN and NIN on the condition that they verifiably keep their children in school.

“My recommendation still stands, and stands even stronger now that we have crossed the Rubicon in youth unemployment. If we can get the 13.5 million out of school Nigerian children into school, we will turn the corner in one generation. If we do not do this, then the floodgates of unemployment will be further opened next year, and in the years to come.

“We can no longer say we cannot afford this. We can.

“As a nation, we are better off privatizing our refineries and the NNPC through the time-tested LNG model in which the FG owns 49 per cent equity and the private sector 51 per cent. Recall that in 20 years ending 2020, the NLNG had delivered $18.3 billion dividends to government irrespective of taxes and other benefit accruals to the country. This will not only free the government of needless spending, but also clean up the infrastructure mess in the petroleum downstream sector.

“I say this because the fastest way to bring down a world record unemployment rate is via incentivized education. An educated citizenry are more employable and more self employable.

“Increased education has been scientifically linked with lower rates of crime and insecurity, along with lower infant and maternal mortality, and a higher lifetime income.

“We must then incorporate those youth who are above school age into a massive public works programme. There was talk of 774,000 Special Public Works jobs for the youth, which was to have started in January of 2021. This is a commendable step, but it must be done with proper agenda, rather than propaganda.

“Perhaps we may want to consider the Malaysian model, whereby with the exception of very few highly specialized jobs, foreign contractors are not allowed to import labour into the country.

“And we also need to do three things urgently to encourage capital inflow and foreign direct investment.

“First, Nigeria must move towards a single exchange rate to be determined by market forces. Secondly, the federal and state governments must reduce taxes, to make Nigeria more business friendly. And finally, financial and monetary institutions, like the Central Bank of Nigeria, and the Securities and Exchange Commission, must be free from the type of political  influence that resulted in the prohibition of Bitcoin and other cryptocurrencies.

“We are at a precipice as a nation and the truth is that all stakeholders and elder statesmen have to speak up on time, while there is still a Nigeria to save. This government obviously lacks the capacity to address our current challenges, and we must help them, not because of the government, but because of our people.

“In a situation where we are simultaneously the world headquarters for extreme poverty, the world capital for out of school children, and the nation with the highest unemployment rate on Earth, there is a very real and present danger that we might slip into the failed states index – God forbid!”

But from Vice President Yemi Osinbajo’s Office come encouraging words, while Nigerians lament otherwise.

Osinbajo’s spokesman, Mr. Laolu Akande, claims that with the release of about N288 billion out of the N500B appropriated for COVID-19 intervention programmes under the Economic Sustainability Plan (ESP), at least 2.1 million jobs have been saved, including new ones created, while over 4000km of federal and rural roads are at least 30% completed since the commencement of the ESP months ago.

These were some of the highlights emerging from last week’s meeting of the Economic Sustainability Committee presided over by Vice President Yemi Osinbajo, SAN, at the Presidential Villa.

While noting the considerable progress recorded, Prof. Osinbajo affirmed the President’s resolve to always look out for the Nigerian people, and urged members of the committee “to bear in mind that the vast majority of our people are not allowed to suffer.”

Ministers and heads of agencies executing the Buhari administration’s Economic Sustainability Plan (ESP) reported significant improvement in the implementation of the plan, as the Federal Government ramps up funding for projects across sectors to impact more Nigerians. Already more than 50% of the appropriated sum for the ESP has been released.

Under the Survival Fund scheme specifically, 1.3 million jobs have been saved, and another 774,000 jobs created from the Public Works Programme. This is apart from the total 26,021 jobs created from construction and rehabilitation works.

Other highlights include the release of 100% (i.e. N5bn) appropriation for the COVID-19 Aviation intervention; 50% funding (N26bn) for the Public Works scheme hiring 774,000 persons across the country, among others.

Commenting on the reports presented by ESC members at the meeting, Prof. Osinbajo said “I think that it will be fair to say that on account of the very good work that you all have done, we were able to get out of recession much faster than anyone would have imagined, although only marginally.”


Urging ministers and heads of agencies implementing key programmes of government not to rest on their oars, the Vice President noted that “it is important for us to continually bear in mind that we really have a duty to ensure that the vast majority of our people are not allowed to suffer. So, I feel we should be thinkin g more about the next thing that we need to do.”

In digital skills support for youth and women, anchored by the Federal Ministry of Communications and Digital Economy, Minister of State for Budget and National Planning, Mr Clem Agba reported that N1.5b which is 50% of the amount appropriated for the scheme primarily targeted for job creation has been released to the ministry.

He added that priority programmes for the intervention is the training of 600 youths (100 from each of the 6 geo-political zones) on VSAT technologies who will also be supported with laptops and stipends.

The Minister noted that the Federal Ministry of Women Affairs has received N625 million (representing 50% of appropriated funds) to implement an empowerment scheme for women through capacity building in innovation and vocational training.

For the Federal Ministry of Youths and Sports, the Minister said N2.6 billion representing 50% appropriation was released for implementation of youth employability improvement scheme through;

*Capacity building in energy efficiency and renewable energy technologies
*Positioning Nigerian youths for digital remote jobs
*Equipping of youths digital/robotic training centres across the 6 geo-political zones.

Another key highlight of the progress report is the release of N1.25 billion (50%) to the National Commission for Refugees, Migrants and Internally Displaced Persons for implementation of programmes for vulnerable and displaced persons, specifically:

*The construction of 400 housing units for persons of concern in Zamfara, Yobe, Katsina, and Edo states; 8 PHCs and others
*Empowerment of 900 persons of concern with skills, starter packs and startup capital.

The Minister also reported that the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development received N2.45 billion representing 7.5% of N32.45 billion for cash transfer to the poor and vulnerable, while the balance of N30 billion is being processed.

In strengthening health system, the Minister said 52 Federal Tertiary Health (FTHs) Institutions received N23.57 billion (N853m each) for the establishment of ICUs, Molecular Laboratories and Isolation Centres.

The progress report presented by the minister showed that in 38 FTHs implementation is at an average of 47% completion with procurement process completed and equipment supply in progress.

Expected outcomes from the interventions in the sector include 520 fully equipped ICU beds available in FTHs; 52 Isolation wards with an aggregate of 1040 beds and associated patient monitoring equipment and 52 molecular labs with the capacity to carry out a minimum of 150 PCR test a day.

Other releases for the health sector, according to the minister include, N10 billion for the establishment of a bio-vaccine laboratory; N5.02 billion representing 50% to the Federal Ministry of Health for implementation of the following projects:

*Surveillance and Epidemiology
*Establishing Laboratory
*Point of Entry;
*Infection Prevention and Control
*Case Management
*Health-related communication
*Research and Development

In his presentation, the Minister of Agriculture, Alhaji Mohammed Nanono, said N17 billion has been released for rural roads project under the ESP while about 5.8 million farmers enumerated out of which the data of 3.6 million have been validated.

In the works sector, the Minister of Works and Housing, Mr Babatunde Fashola said a total number of 4,350 direct jobs were recalled and 18,321 indirect jobs were created through the engagement of the contractors and suppliers handling different works across the country.

Members of the ESC most of whom attended the meeting include Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed; Trade and Investment Minister, Otunba Niyi Adebayo; Minister of Agriculture, Alhaji Mohammed Nanono; Minister of Works and Housing, Mr Babatunde Fashola; Minister of Labour and Employment, Dr Chris Ngige; Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum; Minister of State for Budget and National Planning, Mr Clem Agba; Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar Farouk, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari.