Nigerian President Bola Tinubu has declared that his administration is actively working to lower the cost of living across Nigeria, with a particular focus on reducing food prices. Speaking during a televised broadcast commemorating Nigeria’s Independence Day, the president acknowledged the financial hardships faced by many citizens due to rising global prices.
“The central concern of our people today is the high cost of living, especially food costs. This concern is shared by many around the globe as prices continue to rise worldwide,” President Tinubu said. “My fellow Nigerians, be assured that we are implementing many measures to reduce the cost of living here at home.”
He commended governors from Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the southwestern states for embracing the federal government’s agricultural production programs. The president urged other states to invest in mechanized farming to boost food production nationwide.
To support agricultural efforts, the government is providing fertilizers and making tractors and other farming equipment accessible to farmers. “Last week, the Federal Executive Council approved the establishment of a local assembly plant for 2,000 John Deere tractors, combine harvesters, disc riders, bottom ploughs, and other farm equipment. The plant has a completion time of six months,” he announced.
Nigeria has recently experienced significant increases in the prices of staple foods such as rice, beans, bread, and poultry products. These challenges have been exacerbated by economic policies like the removal of the petrol subsidy and the floating of the naira.
The escalating costs have led to nationwide protests and calls from labor unions for wage increases to counteract inflation. In response, the federal government has introduced measures over the past 16 months to alleviate economic hardships, including a review of the minimum wage and the distribution of subsidized food items.
Minister of Agriculture and Food Security, Abubakar Kyari, noted that producing 2,000 tractors annually would enhance food production and create jobs for Nigerian farmers. Last month, he launched the government’s subsidized rice initiative in Abuja, stating that only Nigerians with registered National Identification Numbers (NIN) could purchase the rice at a flat rate of ₦40,000 per 50kg bag. This move aims to mitigate the impact of high food prices and stabilize the prices of other commodities.
“I call on Nigerians to remain patient and steadfast as the administration’s efforts to enhance food security will soon begin to yield positive results,” Minister Kyari said.
President Tinubu reiterated his commitment to addressing the high cost of living and urged citizens to support the government’s initiatives aimed at improving the economy and ensuring food security.
