IN a move aimed at addressing the escalating challenges of food security and inflation, Nigeria, Africa’s leading economy, declared a state of emergency on Friday, as announced by the president. President Tinubu took to Twitter to highlight the government’s determination to tackle food i
nflation and ensure the accessibility, affordability, and sustainability of essential commodities.
‘We declared a state of emergency and unveiled a comprehensive intervention plan on food security, affordability, and sustainability, taking decisive action to tackle food inflation,’ Ti
nubu stated on social media.
The nation has been grappling with inflation, particularly the surging prices of goods, transportation, and energy, since the beginning of the year. The situation was further aggravated by escalating petrol costs and the removal of subsidies on oil imports.
A recent mid-year assessment conducted by the Central Bank of Nigeria revealed a rise in food price inflation from 24.61 percent in April to 24.82 percent in May, underscoring the urgency of the situation.
Dele Alake, a spokesperson for the presidency, acknowledged the hardships faced by Nigerians and assured them that the president is fully aware of their struggles. Alake stated that the government is set to implement numerous measures to address the challenge.
‘In the immediate term, we intend to deploy some savings from the fuel subsidy removal into the agricultural sector,’ Alake explained.
To provide relief and support to citizens, the president submitted a proposal to parliament on Thursday, seeking a budget allocation of 500 billion naira ($643 million). This funding would be directed towards initiatives such as subsidized transportation, provision of fertilisers for farmers, and monthly assistance to individuals in need. However, the proposal is still pending approval by the legislature.
