The federal government is now considering measures to permit the importation of paddy rice to millers through an Executive Order to stop the rising trend of food inflation in the nation
In addition, the federal government will consider the importation of maize and rice seeds to farmers to boost production output in these staple crops.
The federal government will also consider supplying farmers with maize and rice seeds imported to increase the production yield of these staple crops.
This was disclosed in the draft Accelerated Stabilisation and Advancement Plan recently submitted by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun to the President, according to Nairametrics.
The document suggests numerous recommendations to the President to improve the efficacy of the Accelerated Stabilisation and Advancement in various sectors, considering the nation’s current economic crunch.
These include Executive orders on inflation reduction, employment generation, non-oil export promotion, prudent financial management, and tax information consolidation.
On inflation reduction, the document recommends the following;
Import duty & VAT suspension on specified items
Importation of paddy rice by millers
Import duty exchange rate peg
Regarding the support plans for both private and commercial farmers nationwide, the paper suggested that the federal government authorize the “immediate importation of Rice and Maize seeds, Rice – 10,000MT (100,000Ha), Maize – 10,000MT (500,000Ha)” during the first month of implementation.
This initiative is contrary to President Tnubu’s earlier stance on food imports.
Recall, President Tinubu in his speech to State Chairpersons of his All Progressive Congress, Tinubu declared that his administration would not be importing food to transform the current food crisis across the country.
The Minister of Information also affirmed the President’s decision while addressing state Governors, stating clearly that a decision has been taken already.
With food inflation at 40.5% and over 31 million people expected to experience acute food insecurity during the August lean season, Nigeria is now grappling with food security.
In addition, the cost of basic consumables, particularly grains, has increased by more than 100% in the last year.
The price of rice has risen by around 169% in the past year and reached almost N90,000 per bag around March and April this year. However, a report by Nairametrics later revealed that prices have dropped by almost 20%.
