FG speaks on measures to reduce food prices

The federal government has revealed some of the proactive measures it is considering to tackle food inflation in the country.

A statement issued by the Minister of Information and National Orientation, Mohammed Idris, said that President Bola Tinubu is concerned about the state of accessibility and affordability of food items across the nation.

The minister spoke after a meeting of the Presidential Committee on Emergency Food Intervention on Tuesday in Abuja. The meeting was convened against the backdrop of the protest that took place in Minna, Niger State, earlier in the week.

“The government is very concerned about what Nigerians are going through, especially what happened in Minna yesterday,” the minister said.

He noted that the development has rattled Mr Tinubu’s administration and partly influenced the decision of the president to issue marching orders to relevant officials to work out immediate measures to check rising food prices in the country.

Mr Idris said the committee meeting would continue until Thursday, adding that certain significant measures are already being considered to ameliorate the deplorable situation.

Measures

According to the minister, the government is taking some actions to ensure that Nigerians have some relief in terms of the availability of food on the table.⁣

“Now, some of these will involve unlocking the foods that are available in most of the storage facilities (National Food Reserves) around the country.

Also, he said the government is talking to major millers and commodity traders to see what is available in their stores.

“To open it up, so that the government will provide some intervention, discuss with them to provide some intervention to make this food available to Nigerians,” he noted.

“Government will not fold its arms and see the way Nigerians are suffering in terms of the availability of these food items. So I want to plead with you to understand the government.

“By the time these meetings are concluded, we’ll be able to issue a definite statement on what the position of the government is in this regard,” the minister said.

Background

In recent months, the prices of major staple foods in Nigeria have seen a significant increase.

The situation became more complicated after Mr Tinubu announced the end of fuel subsidy payments shortly after assuming office in May 2023.

The ripple effects of this policy became more apparent in the skyrocketing prices of transportation costs, as well as the prices of goods and services across the country.

Meanwhile, the deplorable state of security across many parts of the country, including the federal capital territory, has also prevented farmers from accessing their farms amidst an increasing spate of attacks and kidnappings.

Forex scarcity, orchestrated by exponential demand for dollars by Nigerians to offset bills ( school fees and medical bills) abroad, as well as unremitted forex backlogs by the Central Bank of Nigeria, have further mounted pressure on the naira.

The Naira plunged to its lowest level against the dollar last week on several occasions, affecting prices of commodities in the market.

In reaction to the inflationary pressures, several tertiary institutions across the country have increased their fees to adjust to the current realities.

The price increase has exposed Nigerians to untold hardship, resulting in protests by some students and residents of some states in the country this week.