The Federal Government has disclosed that it has set aside N200 billion to tackle food insecurity in the country.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun made the disclosure at the ministerial press briefing on Tuesday in Abuja,
According to him, the money allocation would help bring down food prices and inflation.
Recall that the National Bureau of Statistics (NBS), in its April Consumer Price Index (CPI) report, put Nigeria’s inflation rate at 33.69 per cent in April 2024.
It attributed the rise largely to food inflation, which stood at 40.53 per cent in April 2024, as Nigerians continue to lament the steady rise in the prices of goods and services, partially fueled by the removal of petrol subsidies.
Also, the World Bank, in its Food Security Update, stated that Nigeria and other West African countries are likely to experience food scarcity between July and August.
Following this records, Mr Edun highlighted that, with 30 per cent of the world affected by the problem of food security, agriculture will play a critical role in addressing global food insecurity.
He said: “Our success in this area is critical, and efforts are being redoubled. N200 billion has been provided by the Ministry of Finance towards the intervention programme.
“I was talking to the Minister for Agriculture and Food Security just yesterday, and he said that we are still in the midst of the dry season harvest, which is well for agricultural output and production, and together with other initiatives, especially at the state level, where the farms are, where the land is.
“The special agriculture processing zones and other initiatives portend well for increased food production, better performance for agriculture, which will immediately mean a faster-growing economy, and an attack on inflation in a substantial manner because, as we know, the index on inflation is 50 per cent made up of the food price index, which is elevated.
“Therefore, we are looking at a situation where inflation comes down with another good wet season to harvest more food available, and as inflation comes down, it gives the monetary authorities a chance to stabilise the exchange rate.
“That gives an opportunity for interest rates to come down and for investment to kick in, thereby increasing productivity, creating jobs, and thereby helping to reduce poverty, which is Mr. President’s agenda.”
