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

President Bola Tinubu has taken decisive steps to ensure that the cost of essential food items remains within reach for the people. In a national address on Monday, he acknowledged the economic challenges faced by Nigerians due to the removal of fuel subsidies and the unification of FX rates.

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With a focus on immediate relief, Tinubu has initiated a plan to make staple foods accessible and affordable. To address this, he has directed the release of 200,000 Metric Tonnes of grains from strategic reserves to households across all 36 states and the Federal Capital Territory. This move is expected to help stabilize prices and ease the burden on citizens.

Additionally, the President emphasized the importance of supporting farmers in order to enhance food security. A remarkable step in this direction is the allocation of 225,000 metric tonnes of fertilizer, seedlings, and other crucial inputs to dedicated farmers. This commitment underscores the government's determination to strengthen the agricultural value chain.

President Tinubu also highlighted a comprehensive agricultural strategy that remains firmly on track. The administration is set to invest N200 billion, a substantial portion of the N500 billion approved by the National Assembly, to cultivate 500,000 hectares of farmland. This ambitious endeavor includes the cultivation of rice, maize, wheat, and cassava.

Specifically, N50 billion will be allocated to cultivate 150,000 hectares each of rice and maize, while the same amount will support the cultivation of 100,000 hectares each of wheat and cassava. The scale of this agricultural initiative is impressive, aiming to benefit both smallholder farmers and established players in the agricultural sector.

To ensure the success of this initiative, President Tinubu is harnessing the expertise of various stakeholders. Development Finance Institutions, commercial banks, and microfinance banks are being brought together to create a viable and effective transaction structure. This collaborative approach underscores the government's commitment to creating a sustainable and thriving agricultural sector that benefits all stakeholders.

In conclusion, President Tinubu's comprehensive approach to addressing economic challenges and ensuring food security reflects a sincere commitment to the well-being of the Nigerian people. His measures are not only aimed at stabilizing prices and making staple foods affordable but also at bolstering the entire agricultural ecosystem for the benefit of all.