FG to finally address food price increase, shares good new

• Nigerians can expect a price revision soon, according to the federal government
• FG stated that it is conscious of the circumstances that the country is currently facing.
• In an attempt to address the crisis, FG temporarily removed duties on imported necessities

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The federal government has stated that Nigerians should anticipate a pricing review in the near future and that it is aware of the current state of affairs in the nation, particularly the high cost of food and other items.

The federal government said Nigerians should expect a pricing revision soon. Photo Credit: FG, Bloomberg / Contributor
Source: Getty Images

This was said during an evaluation of President Bola Tinubu's first year in office, the Public and Private Development Centre (PPDC) hosted a civil society town hall meeting in Abuja.

Rinsola Abiola, the Senior Special Assistant to the President on Citizenship and Leadership, made this statement.

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In a Daily Trust report, she stated that the recent actions made by the federal government to address food price increases demonstrate the administration's commitment to guaranteeing an improved economy through citizen-oriented policies for effective growth in the nation.

She stated that as part of its plan to improve living conditions for all Nigerians, the federal government temporarily lifted taxes on imported cereals and other basic items.

Abiola said,

“Although we are having quite a number of challenges at the moment such as food inflation among other challenges, the administration is responsive, especially with the recent tariff lifted on some food items.“This is an administration that is very aware of the situation of our people and with some of these measures; we expect a downward review of prices very soon.”

Sellers adjust prices of Garri, Beans

Legit.ng reported that data from the National Bureau of Statistics has disclosed that the combined average prices of tomatoes, garri, and beans increased 205.36% in May 2024 compared to the same month in 2023.

The NBS’ Price Watch for selected food items in May showed that every year, the average price of 1kg of tomatoes increased in May 2024 from N498.34 in the same period in 2023.

The monthly price rose 31.71% from N1,123 in April 2024.

Source: Legit.ng