THREAD: When I heard this I didn’t believe it: 99% of Nigeria’s Federal Budget was spent on debt relief in Q1. So I asked my team to check and it's true.

The country is facing a severe downturn in oil earnings: at 30 dollars a barrel, the shortfall is about N185 billion every month (500m USD).

Unemployment may rise to 39.4 million (33%) people by the end of 2020.

GDP may fall to -8.91%, depending on the length of the lockdown period and strength of the economic response.

Recently, The Vice President launched an Economic Sustainability Plan: “Produce what we Eat and Consume what we Produce.” h/t @szmakka. It includes:

A Mass Agricultural Programme, expected to bring between 20,000 and 100,000 hectares of new farmland under cultivation and create millions of jobs.

An Extensive Public Works and Road Construction Programme using local materials like limestone.

A Mass Housing Programme to deliver 300,000 homes annually, engaging young professionals and artisans and indigenous labour and materials.

A Home Solar System, targeting 5 million households not connected to the National Grid.

Support for local production and manufacturing including tech apps, software, shoes, garments, steel fabrication, ceramics and furniture, with the required capital and essential machinery.

Support for the informal sector through low-interest loans and by easing procedures for registration, licensing, obtaining permits, etc.

Assistance to SMEs to restructure their loans.

Facilitation of broadband connectivity across the country and the creation of a wide variety of technology and ICT jobs.

Expansion of the Social Investment Programme, through an increase in the number of cash transfer beneficiaries.

To make all of this work the country needs fiscal space and urgent debt relief.