UPDATED: FG working on measures to reduce food prices, cost of living – Tinubu

President Bola Tinubu on Tuesday said that his administration is working to ensure significant reduction in cost of living across the country, especially as it concerns food costs.

Mr Tinubu spoke in a televised broadcast in commemoration of this year’s Independence Day anniversary.

“The central concern of our people today is the high cost of living, especially food costs. This concern is shared by many around the globe as prices and the cost of living continue to rise worldwide,” the president said.

“My fellow Nigerians, be assured that we are implementing many measures to reduce the cost of living here at home.

“I commend the Governors particularly, in Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the Southwest Governors that have embraced our agricultural production programme. I urge other states to join the Federal Government in investing in mechanised farming.”

The president said the government is playing its part by supplying fertiliser and making tractors and other farm equipment available.

“Last week, the Federal Executive Council approved establishing a local assembly plant for 2000 John Deere tractors, combine harvesters, disc riders, bottom ploughs and other farm equipment. The plant has a completion time of six months,” he said.

Background

In recent months, the prices of major staple foods including rice, beans, bread and poultry products, among others have skyrocketed significantly in the country,

The rising cost became more profound and biting following the implementation of some of Mr Tinubu’s administration’s economic policies such as the controversial removal of petrol subsidy and the floating of the naira policies.

The continuous food price surge forced many Nigerians to stage a nationwide protest tagged #EndbadgovernanceinNigeria to express their frustration. Organised Labour Unions in the country have on several occasions taken to the streets to vent their frustrations, demanding for an increase in wages to complement lingering inflationary pressure.

To address these concerns, the federal government has rolled out s measures in the past 16 months in an effort to ameliorate the hardship in the country.

However, the impacts of these interventions are still negligible as food prices remains high.

Among these measures are the recent upward review of the minimum wage in the country, subsidised food items and input supply to farmers to boost food production in the country.

Similarly, the Minister of Agriculture and Food Security, Abubakar Kyari, in November last year while meeting with the delegation of John Deere, an American corporation that manufactures agricultural machinery, said the production of 2,000 tractors in-country yearly would enhance food production and create jobs for Nigerian farmers.

Last month, Mr Kyari flagged off the federal government subsidised rice initiative in Abuja, noting that only Nigerians with duly registered National Identification Numbers (NIN) will be allowed to purchase the subsidised rice.

He explained that the rice will be sold at a flat rate of ₦40,000 per 50kg bag, noting that the move is a crucial intervention aimed at mitigating the effects of high food prices.

The minister added that with the injection of 30,000 metric tonnes of rice into the market, the government expects not only to reduce the price of rice but also to stabilise the prices of other food commodities.

“I call on Nigerians to remain patient and steadfast as the administration’s efforts to enhance food security will soon begin to yield positive results,” the minister said.

On Tuesday, Mr Tinubu disclosed that the Federal Executive Council last week, approved the establishment of a local assembly plant for 2000 John Deere tractors, combine harvesters, disc riders, bottom ploughs and other farm equipment.