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April 17, 2024

FG Set to Release Additional 60,000MT of Grains to Stabilise Food Prices

In a bid to stabilize food prices and ensure availability, the federal government has authorized the release of 60,000 metric tonnes of food grains.

Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, announced this development on Tuesday, February 20, during the Public Wealth Management Conference held in Abuja by the Ministry of Finance and the Ministry of Finance Incorporated (MoFI).

During his speech, Edun emphasized President Tinubu’s dedication to assisting the less fortunate in these difficult times.

He stated that President Tinubu had “previously released strategic grain reserves and is currently releasing 42,000 metric tonnes of food grains, with plans for an additional 60,000 tonnes”.

These measures, the minister said, are aimed at ensuring food availability and stabilizing prices, with the expectation that prices will eventually decrease. The priority is to ensure that food reaches the market and people’s tables, no matter the effort required.

According to Edun, “President Tinubu has always said he will not leave the poor, the vulnerable the weaker in society at times like this. He has previously released strategic grain reserves, he’s currently releasing 42,000 metric tonnes of food grains and he has a plan of releasing another 60,000 tonnes of food grains.

“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 and in the meantime, everything that can be done to put food in the market, on the tables of people will be done no matter what it takes.”

The finance minister discussed the implementation of an executive order enabling the Ministry of Finance, through the Debt Management Office (DMO), to issue government-backed securities. 

This move aims to instill confidence in the Naira and provide Nigerians, both domestically and abroad, the opportunity to save in dollars. The introduction of dollar-denominated securities allows individuals to safeguard their savings in dollars while showcasing their commitment to Nigeria.

Furthermore, he emphasized the collaborative efforts between fiscal and monetary authorities to tackle economic challenges in Nigeria. The minister highlighted the Ministry of Finance’s response, including effective debt management strategies, which contributed to an increase in Treasury bill interest rates, ultimately enhancing the supply of dollars to the economy.

The minister highlighted that the collaboration between fiscal and monetary policies reflects a united effort to stabilize the economy, decrease inflation and interest rates, and attract both portfolio and foreign direct investments.

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