x

FG Addresses Food Inflation, Predicts Price Drop

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has assured Nigerians that food prices will decline in the coming months. Edun explained that the government has allocated special funding for infrastructure to boost agricultural output, focusing on increasing food production through the provision of seeds, fertilizers, and other resources.

Edun acknowledged that food insecurity is a global issue but emphasized that the Nigerian government is taking steps to address it. He stated, “We can expect that food prices will come down and food availability will increase. Inflation, yes, it is high at 33.65%, and food inflation at 40.5% is worrisomely high. However, inflation is coming down month-on-month. It is slowing and is expected to reduce as we continue the dry season harvest and then move into the wet season harvest.”

The minister highlighted that the government is placing significant emphasis on agricultural output to help lower food prices, which in turn will be a major factor in reducing overall inflation.

In recent weeks, Nigerians have faced skyrocketing food and commodity prices amidst an economic crisis triggered by the government’s policies of petrol subsidy removal and unification of forex windows. Despite these challenges, the government’s efforts to increase food production and infrastructure investment aim to alleviate the economic strain on citizens and stabilize prices in the near future.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Plateau Assembly Gets New Speaker

By Israel Adamu, Jos The lawmaker representing Mikang Constituency, Hon....

Plateau Govt Relieves Chief Dabang of Role as Political Adviser

By Israel Adamu, Jos The Plateau State Government has relieved...

Togo: 7 Killed, Over 60 Arrested in Violent Crackdown on Protests

By Achadu Gabriel, Nigeria At least seven people have been...

Flood: Kaduna Steps Up Dredging, Targets Flood-Free Season

The Kaduna State Government has commenced large-scale dredging and...

NOA Reaffirms FG’s Commitment to National Cohesion, Development

By Anne Azuka The National Orientation Agency (NOA) has reiterated...
spot_img

Related Articles

Popular Categories

spot_imgspot_img