News in Brief:
– To combat rising food prices and ensure availability, the Nigerian government plans to release an additional 60,000 metric tonnes of food grains.
– This follows a previous release of 42,000 tonnes, and it aims to stabilise prices and improve food security for Nigerians.
The Nigerian government has announced plans to release an additional 60,000 metric tonnes of food grains. The move is aimed at addressing rising food prices, while ensuring availability across the country.
Minister of Finance Wale Edun made the announcement at the Public Wealth Management Conference in Abuja, as reported by a local news outlet. He highlighted President Bola Tinubu’s commitment to supporting vulnerable Nigerians during challenging economic times.
The released grains are expected to stabilise food prices and increase market availability, which could ultimately lead to a decrease in prices for consumers.
Therefore, Edun said he expected food prices to begin to fall in a reasonable period of time. He added that the administration is resolved to do whatever it takes to put food in the market and on the tables of people.
Meantime, the initiative builds upon previous efforts by the government to address food security concerns like the recently reported release of 42,000 metric tonnes of grains and 60,000 tonnes of rice by the Rice Millers Association.
While the specific types of food grains being released are yet to be identified, it is expected that they will include staple foods commonly consumed like rice, maize, and sorghum. The release of these grains is expected to have a positive impact on food security and affordability for millions of Nigerians
