*The Federal Government announces the distribution of 20 truckloads of rice each to the 36 states of the Federation and the Federal Capital Territory as part of measures to curb the current food shortage, as the inflationary rate hit 34.19 percent June 2024

Isola Moses | 绿帽献妻

As part of measures to address the current food inflation in the Nigerian economy, the Federal Government has announced the distribution of 20 truckloads of rice each to the 36 states of the Federation and the Federal Capital Territory (FCT), Abuja.

绿帽献妻 reports Alhaji Mohammed Idris, Honourable Minister for Information and National Orientation, revealed this after the Federal Executive Council (FEC) meeting, held Monday, July 15, 2024, in Abuja.

Alhaji Mohammed Idris, Honourable Minister for Information and National Orientation

Idris said the decision was the first step to address apparent food shortage in the West African the country.

The Minister, therefore, appealed to the governors to ensure the effective distribution of the grains to the most vulnerable in the society.

Impact of inflationary rate increase to 34.19 percent on economy

The Federal Government’s decision is said to have been made as Nigeria鈥檚 inflation figure reached a new high.

The country’s inflationary rate hit 34.19 percent for June 2024, according to the latest data from the National Bureau of Statistics (NBS), released Monday, July 15.

There was an increase in food inflation for June 2024, compared to the figure recorded in the previous month this year.

The NBS report noted: 鈥淥n a month-on-month basis, the Food inflation rate in June 2024 was 2.55% which shows a 0.26% increase compared to the rate recorded in May 2024 (2.28%).”

The Bureau stated that a rise in the average prices of food items, such as groundnut oil, palm oil, etc (oil & fats class), water yam, cocoyam, cassava, etc. (potatoes, yam & other tubers class), tobacco, catfish fresh, croaker, mudfish fresh, snail, etc., (fish class) had triggered the current food inflation in Nigeria.

This is an increase of 0.24% points when compared to the inflation figure for May 2024 released by the NBS.

According to its Consumer Price Index (CPI), in June 2024, “the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate which was 33.95%.

“Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24% points when compared to the May 2024 headline inflation rate.”

The Consumer Price Index measures the average change over time in the prices of goods and services consumed by people for day-to-day living.

鈥淥n a year-on-year basis, the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%.鈥�

Other top measures to address high food inflation

Amid the current soaring prices of foods, and other commodities, the Federal Government has evolved a number of other interventions to address the challenge.

Analysts have attributed the food inflation crisis to insecurity in several parts of the country, lack of equipment, and other issues as major challenges affecting food production in Nigeria.

The government recently approved tax-free food imports by suspending duties and tariffs on the importation of maize, husked brown rice, wheat, and cowpeas through the country鈥檚 land and sea borders for 150 days.

The Nigerian Government also approved the procurement of 2,000 tractors, and 1,200 trailers, and other mechanised farming equipment to boost agricultural production locally.

The Federal Government equally inaugurated a Presidential Food Systems Coordination Unit (PFSCU) Friday, July 12, 2024, which is saddled with the responsibility of seeking and finding a solution to the extant food security crisis and skyrocketing costs of food items in the West African country.

The PFSCU Committee, to be chaired by Vice-President (Senator) Kashim Shettima, comprises some state governors, representatives of Local Government Councils (LGCs), development partners, and other critical stakeholders, is expected to coordinate all agricultural activities in Nigeria.

Speaking at the inauguration of the Committee on behalf of President Bola Ahmed Tinubu in the Presidential Villa Friday, in Abuja, VP Shettima acknowledged the fact that the country is facing 鈥渁 rare food security crisis鈥� that urgently requires the ideas and resources of stakeholders.

Stanley Nkwocha, Senior Special Assistant to the President (Office of the Vice-President) stated Senator Shettima said: 鈥淭he nation is facing a rare food security crisis and the sooner we come to terms with the reality, the better.

鈥淔ood insecurity endangers the very basis of our democratic experiment, and this is why all hands have to be on deck. We are in a food security crisis, but it also provides us the opportunity to re-engineer and reposition the nation on a firmer footing鈥�.

Some of the state governors at the meeting applaud the initiative, which they described as appropriate in addressing the current situation in the country.