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COVID-19: We are in worst economic slump in history, says Osinbajo

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Vice-President Yemi Osinbajo (SAN) says COVID-19 has plunged Nigeria and the world into the greatest economic slump in history.
“Everything around us has been shaken and is being shaken by the greatest global threat to mankind in a century.
“We are in the midst of the greatest economic slump in history, every region of the world is experiencing an unprecedented slowdown in growth.
“It is my firm belief that, by the grace of God, very soon, this pandemic will be defeated,” he  said in a message to the 11th Synod of the Church of Nigeria (Anglican Communion), Abuja Diocese held at St. James’ Church, Asokoro, Abuja.

 

The theme is, “Building a Sure Foundation”, the Vice President’s spokesman, Laolu Akande said in a statement and emailed to PerSecondnews.
Osinbajo said although the Coronavirus pandemic had caused unprecedented hardship and disruptions to economies across the world, Nigerians and indeed all people around the world will survive the despair, pain and other consequences associated with the disease.

He, therefore, admonished Christians to put their hopes in Christ Jesus, noting that only in God’s name, can the present situation be overturned.

Recalling the depth of the crisis on the Nigerian economy and society, the Vice-President said: “There was a day in April when oil, our precious oil was selling for less than the cost of production. No one was even willing to buy. Suddenly all we took for granted, from air travel to hugs and even handshakes, have become neither safe nor advisable.

“Our own economy faces its worst period in history. We are earning 40% less than we should because oil prices have fallen and few today can afford to pay taxes.

“The sum and substance of what I am saying is that these past few months have shown us that human ingenuity and planning cannot even assure us that we will live to see the next day.”

Osinbajo described as unsure foundation any hope of a turnaround hinged on
human understanding and effort.
“Any hopes built on the foundation of human understanding and effort is a shaky and unsure foundation and is bound to fail when the storms and the turbulence come.”

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