Protests: Professional group reveals why food prices will crash in few weeks

• Independent Media & Policy Initiative (IMPI) appealed to organisers of the planned nationwide protest
• The policy think-tank said food prices will crash in a few weeks due suspension of import duties and taxes on essential food items
• Chairman of the IMPI, Chief Niyi Akinsiju, said waiver of import duties and tax on food importation will make food abundantly available and affordable

Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy

FCT, Abuja - A policy think-tank on the platform of Independent Media & Policy Initiative (IMPI) said food prices in the country will crash in a few weeks due suspension of import duties and taxes on essential food items.

Chairman of the IMPI, Chief Niyi Akinsiju, appealed to organisers of the planned nationwide protest against hunger and economic hardship to suspend the plan.

The groups said waiver of import duties and tax on food importation will make food available and affordable Photo credit: @aonanuga1956
Source: Twitter

Akinsiju said policies of President Bola Tinubu’s administration have begun to show signs of addressing challenges.

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He stated this at a press conference for the third quarter of the year 2024 in Abuja, on Tuesday, July 30.

According to the statement made available to Legit.ng, the federal government has distributed 60,452 metric tons of improved seeds, 887,255 metric tons of seedlings, 138 value kits, and 501,726 litres of agrochemicals.

Others include 62,328.5 metric tons of inorganic fertilizers, 1,000kg of fungicide, and 33,200 equipment to farmers across different value chains to enhance agricultural production.

"This flurry of President Tinubu's interventions in agriculture has at the last count, successfully generated a total of N309bn into the economy in one year, suggesting a resurrection of exporting activities in the agriculture sector. On aggregate, the recent waiver of import duties and tax on food importation will make food abundantly available and affordable locally.”

The group submitted that the policies being implemented by the current Tinubu’s administration are enablers of an enhanced economic drive that will ensure broader prosperity and wealth creation for all Nigerians.

The think-tank commended states like Kebbi, Niger and South-west states for their interventions in boosting agriculture in the country.

FG announces sale of 50kg Rice for ₦40,000

Legit.ng earlier reported that President Tinubu's administration created centres for Nigerians to purchase a 50kg bag of rice for ₦40,000.

The minister of information and national orientation, Mohammed Idris, said this is just the beginning of many initiatives from the government.

Idris said the prices of food items are expected to reduce since “the rainy season is here” and Tinubu's government investment in agricultural production and irrigation activities.

Source: Legit.ng