NIGERIA- To stabilize prices and ensure food security amidst economic challenges, the Federal Government of Nigeria has authorized the release of an additional 60,000 metric tonnes of food grains.
The announcement came from Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, during the Public Wealth Management Conference held in Abuja on Tuesday, February 20, organized by the Ministry of Finance and the Ministry of Finance Incorporated (MoFI).
Minister Edun underscored President Tinubu’s commitment to supporting the vulnerable segments of society during these trying times. He revealed that President Tinubu had previously initiated the release of strategic grain reserves and was overseeing the release of 42,000 metric tonnes of food grains, with plans for an additional 60,000 tonnes.
“These measures are aimed at ensuring food availability and stabilizing prices, with the expectation of a subsequent decrease” stated Edun, emphasizing the government’s priority to ensure food accessibility for all citizens.
Highlighting the importance of these interventions, Edun reiterated President Tinubu’s stance: “This is in addition to measures to make sure that whatever is in the stores comes out at this important time, and we expect food prices to stabilize and begin to fall in a reasonable period. In the meantime, everything that can be done to put food in the market, on the people’s tables will be done no matter what it takes.”
Additionally, Minister Edun discussed the implementation of an executive order enabling the Ministry of Finance, through the Debt Management Office (DMO), to issue government-backed securities.
This initiative aims to boost confidence in the national currency, the Naira, and provide Nigerians, both domestically and abroad, with the opportunity to save in dollars, thereby reinforcing their commitment to Nigeria.
Furthermore, he stressed the collaborative efforts between fiscal and monetary authorities to address economic challenges in Nigeria. Effective debt management strategies, including the increase in Treasury bill interest rates, were highlighted as measures contributing to enhanced dollar supply to the economy.
The minister concluded by emphasizing the synergy between fiscal and monetary policies, portraying a unified approach to stabilize the economy, curb inflation and interest rates, and attract portfolio and foreign direct investments.
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