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Tuesday, April 23, 2024

Economic hardship: FG moves to regulate food prices

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The Federal Government of Nigeria has said that its planing to establish a National Commodity Board to solve the escalating food inflation in the country.

This was disclosed by Vice President Kashim Shettima on Tuesday at a two-day, high-level strategic meeting on climate change, food systems and resource mobilization held in Abuja.

The VP revealed that the board would be given the mandate to assess and regulate food prices, as well as maintain a strategic food reserve for stabilizing prices of crucial grains and other food items.

He said the event was an attestation of the government’s efforts at mitigating the effects of climate change and ensuring food security for Nigerians.

According to Shettima, the food security was one of the eight areas of priority declared by President Bola Tinubu as part of his Renewed Hope Agenda which led to the declaration of a state of emergency on food security.

He highlighted ongoing policy reforms by the administration to ensure food and water availability and affordability.

“Our solution to the potential food crisis has become immediate, medium, and long-term strategies.

“The short-term strategy entails revitalizing food supply through specific interventions like the distribution of fertilizers and grains to farmers and households to cushion the effects of subsidy removal.

“It also entails fostering collaboration between the Ministries of Agriculture and Water Resources for efficient farmland irrigation, ensuring year-round food production; and addressing price volatility by establishing a National Commodity Board.

“This board will continually assess and regulate food prices, maintaining a strategic food reserve for stabilizing prices of crucial grains and other food items.”

He assured that the Tinubu administration was fully investing in the restoration of degraded land.

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