Tinubu Announces Measures to Make Food Prices Affordable, Discloses How N500bn Approved by N’Assembly Will be Spent

 
President Bola Tinubu has announced measures targeted at ensuring that prices of food items remain affordable, adding that his government have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.
 
In a national broadcast Monday evening on the current economic challenges faced by Nigerians due to removal of fuel subsidy and unification of FX rates, Tinubu said, “In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.
 
“The President said, “Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:  
 
“Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.
 
“N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.
 
“This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record.
 
“In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders.”