Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the federal government has taken cognisance of the rising cost of food and other commodities in Nigeria.
He assured that the administration of President Bola Tinubu is not unaware of the current hardship Nigerians are facing and is already taking steps to mitigate the situation and make life better for the people.
Speaking yesterday in Abuja during a bilateral meeting with a visiting German delegation led by the country’s Minister of Economic Cooperation and Development (BMZ), Ms Svenja Shulze, Edun submitted that the rising cost of commodities in Nigeria, caused by the forces of demand and supply, had become a worrisome situation for the government.
On the aspect of food prices, the Minister said President Tinubu has intervened in that sector to provide grain and fertilisers to farmers and to bring additional acreage – rice, wheat, maize, and cassava – to increase the output and thereby bring down prices and that will help bring down inflation.
He added that the government looks forward to a bountiful harvest from farmers after the dry season farming, which is expected to bring down the prices of foodstuff.
He said: “I think the issue of rising prices is of concern to the government and everybody in Nigeria, and some major steps were being taken to address the situation.”
He added, “It is the issue of demand and supply, and a lot of emphasis has been placed on increasing agricultural production, in particular.
“The president has intervened in that sector to provide grain, fertilisers to farmers and to bring additional acreage – rice, wheat, maize, and cassava – to increase the output and thereby bring down prices and that will help bring down inflation.
“And, of course, we are in the middle of the dry season farming and we are looking forward to a good dry season harvest that will ameliorate price, in particular, and the price level in Nigeria, in general.”
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