President Bola Ahmed Tinubu has ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate the prices of food items.
Also, he disclosed that his administration is providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.
The President noted that his administration has engaged with various farmers’ associations and operators within the agricultural value chain, to further ensure that prices of food items remain affordable.
He gave this assurance while addressing the nation on the economic challenges rocking the country on Monday night.
“In the short and immediate terms, we will ensure staple foods are available and affordable.
“To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices.
“We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda,” Tinubu said.
He continued, “Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course.
“To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:
“Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.
“N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and Cassava.”
The President explained that this expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the Agric business with strong performance record.
He said the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders, for the agricultural programme.
“Fellow Nigerians, I made a solemn pledge to work for you. How to improve your welfare and living condition is of paramount importance to me and it’s the only thing that keeps me up day and night.
“It is in the light of this that I approved the Infrastructure Support Fund for the States. This new Infrastructure Fund will enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure.
“The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.”
