COVID-19 Will Widen Income Inequality In Nigeria, Others-Oxfam

Oxfam International, in its latest report has said that COVID-19 has the potential to increase the level of income inequality in Nigeria and other countries.

The report titled, ‘The Inequality Virus’ which was released on Monday shows that while 1,000 richest people on the planet recouped their COVID-19 losses within nine months, it could take more than a decade for the world’s poorest to recover from the economic impacts of the pandemic.

It reads in part, “Rising inequality means it could take at least 14 times longer for the number of people living in poverty to return to pre-pandemic levels than it took for the fortunes of the top 1,000, mostly White male, billionaires to bounce back.”

The Executive Director of Oxfam International, Gabriela Bucher, in his remark said, “We stand to witness the greatest rise in inequality since records began. The deep divide between the rich and poor is proving as deadly as the virus.

“Rigged economies are funnelling wealth to a rich elite who are riding out the pandemic in luxury, while those on the frontline of the pandemic shop assistants, healthcare workers, and market vendors are struggling to pay the bills and put food on the table.”

He explained that women and marginalized racial and ethnic groups are bearing the pain of this crisis as they are more likely to be pushed into poverty.

“Billionaires fortunes rebounded as stock markets recovered despite continued recession in the real economy. Their total wealth hit $11.95trn in December 2020, equivalent to G20 governments’ total COVID-19 recovery spending.

“The road to recovery will be much longer for people who were already struggling pre-COVID-19. When the virus struck over half of workers in poor countries were living in poverty, and three-quarters of workers globally had no access to social protections like sick pay or unemployment benefits.”

He called on the government to build more equal and inclusive economy that end poverty.