PUNCH
Despite securing multilateral loans amounting to $3.334bn (N5.178tn) and attracting over $4.3bn investments to boost food production, the cost of essential staple food items skyrocketed by 60.88 per cent under the leadership of President Bola Tinubu, The PUNCH reports.
When Tinubu assumed office in May 2023, food inflation was 24.82 per cent. It jumped to about 40 per cent in November 2024. This is based on data from the National Bureau of Statistics.
This is occurring as Nigerians are increasingly struggling to afford basic food items, with many households finding it difficult to make ends meet due to the sharp rise in prices.
This stark increase in food prices stands in contrast to the government’s ambitious efforts to address food security and agricultural development, raising concerns about the effectiveness of current economic policies, the impact of inflation, and the challenges in translating financial support into tangible relief for Nigerians.
Upon assumption of office in May last year, President Tinubu promised to prioritise food availability and security, stressing that the government would cultivate about 500,000 hectares of farmlands to combat hunger in the country.
“I am well aware that for some time now, the conversations and debates have centred on the rising cost of living, high inflation, which is now above 28 per cent, and the unacceptable high under-employment rate.
“To ensure constant food supply, security, and affordability, we will step up our plan to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet, and other staple crops”, Tinubu stated in his new year address amidst other commitments.
