It is with deep sense of responsibility that I stand before you today to present to you, the outlined
implementation of the Presidential Accelerated Stabilization and Advancement Plan, an initiative of
PresidentBola Ahmed Tinubu, GCFR, to bring about food security and economic stability to Nigeria.
Over the past several months, we have all been witnesses to the escalating cost of food items in all
parts of the country. There is virtually no food item that has not had its price raised to a level higher
than what a good many Nigerians can afford. The affordability crisis in our food security system has
been indexed by the data from the National Bureau of Statistics which by the last count, had put food
inflation at 40.66%. We have heard the cries of Nigeriaover the prices of food items and condiments,
with some now describing tomato as gold and proposing a variety of recipes to prepare soups and
dishes with some of the overly priced food items. What in the past were regarded as common items
such as yam, plantain, potato now command excessively high figures and Nigerians are right to wonder
how and why things are the way they are.
As a government under the leadership of President Bola Ahmed Tinubu GCFR, members of the Federal
Executive Council and indeed all other operatives in the MDAs are fully aware of the hardship
occasioned by the high cost of food items in our country.
There is no doubt that food inflation is a direct consequence of a number of factors. Agricultural
production activities have been hampered in some parts of the country by a number of factors resulting
in the inabilityof smallholder farmers to contribute optimally to the country’s food basket. This has
opened a new dimension to the food challenge from affordability to availability of sufficient food
commodities.
As you may recall, earlierin the year, therewere a number of interventionsby the Federal Government
to make food available and to dampen theirprices. Those interventions include: the release of
42,000MT of assorted food commodities from the National Strategic Food Reserve, 58,500MT
purchase of milled rice from Rice Processors Association of Nigeria and additional 30,000MT of rice.
Regrettably, prices have continued to escalate, and in some cases these days, food items are becoming
unavailable.
The Government cannot allow this situation to persist. While there are ongoing agricultural initiatives,
programmes and projects under the Federal Ministry of Agriculture and Food Security, and state
governments also have theirs, we must respond to the creepingavailability crisis. As theGovernment
continuesto encourage agricultural production on a sustainable and profitable basis for farmers, the
time lag between cultivation and harvest makes it inevitable for the Government to kick-in stop-gap
measures that will bring tremendous relief to Nigerians.For instance,harvest for 2024 wet season
farming will not be due until October-November. On the one hand, while the measures aim to alleviate
immediate food shortages, we will strengthen domestic production capabilities to enhance long term
food security.
do not wish to dwell much on other well-knowncausative factors in our country’s food inflation figures:
infrastructural challenges, multiple taxes and levies and then just sheer profiteering by marketers and
traders. What is important is to let youknow that the Federal Government under President Bola Ahmed
Tinubu, GCFR,feels the pain of Nigerians and is earnestly desirous of relieving these pains, stabilizing
the economy and getting Nigerians back to happy days. As you may be aware, in March 2024, the
President constituted the Presidential Economic Coordination Council (PECC)under which, the
Economic Management Team (EMT)recently presented to Mr.PresidentanAccelerated Stabilization
and Advancement Plan.A TwoTrillionNaira packagewas approvedto be spent on actualizing the
Accelerated Stabilization and AdvancementPlan of whichAgriculture is a key focused sector.
The EMThas been meeting day and night working out the best modalities to achieve the best results
for Nigerians. To ameliorate food inflation in the countrycaused by affordability and exacerbated by
availability,the government has taken a raft of measuresto be implemented over the next 180 days:
1.A150-Day Duty Free Import Windowfor Food Commodities
a.suspension of duties, tariffs and taxes for theimportationof certain food commodities(through
land and sea borders)
b.these commodities include Maize, Husked Brown Rice, Wheat and Cowpeas
c.underthis arrangement, imported food commoditieswill be subjectedto a Recommended Retail
Price (RRP).
(I am awarethat some good citizens might be concerned of the quality of the would be imported food
commodities as it relates to the trending worries around geneticcomposition of food). I am glad to
reiterate that the Government’sposition exemplifies standards that would not compromise the safety
of the various food itemsfor consumption.
2. In addition to the importation by private sector, Federal Government willimport250,000MT of Wheat
and 250,000MT of Maize. Theimported food commodities in their semi processed state will target
supplies tothesmall-scale processorsand millersacross the country.
3. Engagerelevant stakeholdersto set a Guaranteed Minimum Price (GMP)and mop up surplus
assorted food commoditiesto restockthe National Strategic Food Reserve.
4. Continuousramp-up productionfor the 2024/2025 farming cycle.
a. sustained supporttosmallholder farmers in the ongoing wet season farming through existing
government initiatives.
b. strengthen and accelerate Dry Season Farming across the country.
c. embark on aggressive agricultural mechanizationand development to reduce drudgery, drive
down the costof production and boost productivity.
d. collaborate with Sub-National to identify irrigable landsand increase land under cultivation.
e. work closely withthe Federal Ministry of Water Resources and Sanitation, to rehabilitate and
maintain irrigation facilities under river basin authoritiesacross the federation.
f. development ofa strategic engagement for youth and women across the federation for
immediate greenhouse cultivation of horticultural crops such as tomatoes and pepperto
increase production volume, stabilize prices, and address food shortages.
g. fast-trackingongoing engagements with the Nigerian Military to rapidly cultivate arable lands
under the DefenceFarms Scheme, while encouraging other Para-Military establishments to put
secured available arable lands to cultivation.
5. The Renewed Hope National Livestock Transformation Implementation Committee will be
inauguratedon Tuesday, 9thJuly 2024 with a view to develop and implement policies that prioritize
livestock developmentand ensurealignment with the National Livestock Transformation Plan.
6. Enhancement ofNutrition Securitythrough:
a.the promotion ofproduction of fortified food commoditiesand
b.offer necessary support toscaleupthe HomeGarden Initiativeby the Officeof The First Lady
of the Federal Republic of Nigeria.
Over the next 14 days, in close collaboration with the Presidential Food Systems Coordinating Unit
(PFSCU)and the Economic Management Team (EMT), we will convene with the respective Agencies
to finalize the implementation frameworks. We will ensure that information is publicly available to
facilitate the participation of all relevant stakeholders across the country. The PFSCU will manage a
dashboard for Mr. President, providing him with direct visibility into these interventions and ensuring
accountability.
In conclusion, the success of themeasuresaforementioned,is contingent on the cooperation and
collaboration of all relevant MDAs and stakeholders.
As our nation confronts a critical food security challenge, let me reiterate Mr. President’s unwavering
commitment to attaining food security and ensuring that no Nigerian goes to bed hungry. To this end,I
can assure all Nigerians,thatmy teamand I,willswiftly and diligently actualize these crucial policies
to ensure food security for everyone in the countryin the immediate term as we also continue our
strategies for long term interventions to address the underlying causes and ensure sustainable and
resilient food systems in the country.
God Bless you all and God Bless the Federal Republic of Nigeria.
