Categories: News

FG Speaks On Food Inflation, Reveals When Prices Will Drop

  • FG Speaks On Food Inflation, Reveals When Prices Will Drop.

  • Government allocates special funds for infrastructure to bolster agriculture.

  • Edun underscores global issue of food insecurity.

EKO HOT BLOG reports that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, assures Nigerians of forthcoming reductions in food prices.

Edun elaborates on the government’s allocation of specific funds for infrastructure aimed at enhancing agricultural production.

He emphasizes the global challenge of food insecurity.

EDITOR’S PICK

Speaking during an appearance on Channels Television’s Sunday Politics programme, Edun asserted that government focus has been on ramping up food production through the provision of seeds, fertilisers, amongst others.

The minister assured Nigerians that with the dry season and wet season harvest, food inflation will come down.

He said, “We can expect that food prices will come down and food availability will increase.

Food Inflation

“Inflation, yes, it is high at 33.65%, food inflation at 40.5% is worrisomely high but the fact is that inflation is coming down, month-on-month. It is slowing and it is expected to reduce as we continue the dry season harvest and then we go into the wet season harvest.

“That is the place to focus on and a lot of emphasis is being placed on that to get agriculture output up, to get prices down, and that will be a nig factor in bringing down inflation.”

FURTHER READING

Prices of food and basic commodities have gone through the roof in the last weeks, as Nigerians battle economic crisis sparked by the government’s twin policies of petrol subsidy removal and unification of forex windows.

Click below to watch our video of the week:

Praise Ben

"I am a writer and designer, blending words and visuals to craft compelling narratives and experiences"

Share
Published by
Praise Ben

Recent Posts

New Virus: Nigeria Tightens Health Surveillance Over China Virus Outbreak

Nigeria initiates surveillance for travelers from China amid virus surge. The respiratory virus has caused…

2 minutes ago

No More Sit-at-Home Orders, We’re Free from Non-State Actors – Enugu Gov Tells Tinubu

Governor Mbah assures President Tinubu that sit-at-home order has ended in Enugu. Mbah showcases Enugu's…

6 minutes ago

El-Rufai Denies Joining PDP, Threatens Legal Action Over Fake News

El-Rufai denies joining PDP and threatens legal action. Aide calls defection rumors "mischief makers' work."…

25 minutes ago