The National Bureau of Statistics (NBS) revealed on Monday, March 15, revealed that Nigeria’s unemployment rate rose from 27.1 per cent in the second quarter of 2020 to 33.3 per cent in the fourth quarter of 2020.
This was contained in the latest NBS report on the ‘labour force Statistics: Unemployment and underemployment’ survey; under COVID-19 (Q4, 2020) which translates to 23.19 million unemployed people.
Part of the NBS report read, “During the reference period, the computed national unemployment rate rose from 27.1 per cent in Q2, 2020 to 33.3 per cent in Q4, 2020, while the underemployment rate decreased from 28.6 per cent to 22.8 per cent.
“A combination of both the unemployment and underemployment rate for the reference period gave a figure of 56.1 per cent.
“This means that 33.3 per cent of the labour force in Nigeria or 23,187,389 persons either did nothing or worked for less than 20 hours a week; making them unemployed by our definition in Nigeria.
“This is an additional 1,422,772 persons from the number in that category in Q2, 2020.
“Using the international definition of unemployment, the rate was computed to be 17.5 per cent.”
Meanwhile, the Nigerian National Petroleum Corporation (NNPC) has budgeted a N102.96bn expenditure on petrol subsidy in March; going by the recent pricing template for the commodity.
1st News had reported that the Petroleum Products Pricing Regulatory Agency (PPPRA), on Thursday published the expected new lower and upper prices for petrol at retail outlets in March 2021; putting the rates at between N209.61/litre and N212.61/litre.
It also put the ex-depot price of petrol for the month at N206.42/litre; and pegged the expected landing cost at N189.61/litre.
PPPRA is the regulator of the downstream oil sector.
It pulled down Thursday’s template for petrol, with an explanation that the earlier published guiding price did not translate into a hike in pump price; despite reflecting market realities.
However, the ex-depot price approved by NNPC for March was N148.6/litre and the corporation insisted that it had not; and had no plan to increase the petrol price this month.