FG moves to regulate food prices

FG moves to regulate food prices

Food Prices: A National Commodity Board will be established by the federal government to address the nation’s rising food inflation.

This was announced by Vice President Kashim Shettima on Tuesday during a high-level strategic two-day meeting on resource mobilization, food systems, and climate change that was conducted in Abuja.

Shettima clarified that the board would be tasked with evaluating and controlling food costs in addition to keeping a strategic food reserve to keep the prices of essential grains and other food commodities stable.

According to him, the occasion validates the government’s initiatives to lessen the consequences of climate change and guarantee Nigerians’ access to food.

Shettima pointed out that one of President Bola Tinubu’s eight priority areas for his Renewed Hope Agenda was food security.

He claims that as a result, a state of emergency regarding food security was declared.

He described the administration’s ongoing policy adjustments to ensure that food and water are affordable and easily accessible.

“In response to the approaching food crisis, we have developed our short-, medium-, and long-term policies.

The short-term plan calls for recovering the food supplies through specific actions including the delivery of grains and fertilizers to farmers and households in order to lessen the effects of the termination of subsidies.

“It involves tackling price volatility by establishing a National Commodity Board and promoting cooperation between the Ministries of Agriculture and Water Resources for effective farmland irrigation in order to assure year-round food production.

“This board will constantly evaluate and regulate food prices, maintaining an effective food reserve for stabilizing prices of crucial grains and other food items.” Tinubu gave his assurances that the government was fully investing in the restoration of degraded land.

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