Nigerians are currently suffering through financial instability due to the large monetary and financial measures by the government of President Bola Ahmed Tinubu, especially the devaluation of the Naira and the withdrawal of subsidy on the Premium Vehicle (PMS).
A loaf of bread that was going for N600 in February is now over N1,000, and sugar which was selling for N29,000 in February jumped to N42,200 in early August.
Market intelligence shows that the prices of all the food items that ordinary people depend on for survival are long out of reach.
The federal government has taken two steps.
This has not been seen to be implemented with the required speed, as other interventions have been slow in coming.
Therefore, this second measure, the special contribution of N185 billion, allocated to about five billion nairas for each state, is a welcome development.
It is a good strategy for the government to distribute palliatives to the states, but we must clearly say that this is not enough.
More is needed to remedy the suffering caused by the new policies.
We also called on the state governments to ensure that the funds are not diverted to unrelated issues.
There is urgency in the current situation and we urge the state governments to take note of that.
They should start buying food items immediately.
Even though each state does not have the same number of people, it is possible to reduce the effect of the increase in public money among the people if they send food worth 1.3 billion nairas to the council areas.
There are three parliaments in every federal state.
There must be no discrimination in the implementation of this initiative; let’s take all Nigerians away.
Among the steps that the government must take is to reduce taxes on some essential foods so that they can be imported and sold to Nigerians at a cheaper price.
After the Russian invasion of Ukraine, which stopped the food supply route from Eastern Europe to other parts of the world, many countries reduced the import duties from food supplies in order to provide for the needs of their citizens.
For example, South Korea had to cut import duties on wheat flour to check high food prices and let the government’s Korea Agro-Fisheries Trade Corp import wheat flour to boost domestic supply and stabilize food prices.
Nigeria can stop the import duty on food items during this emergency to reduce the cost of food.
Also, the relevant government agencies must come up with measures to support farmers in the dry season in the next few months.
In order to reduce the cost of essential foods, governments, both federal and state, must show interest and commitment to the cost of farm inputs, such as fertilizers, herbicides, and even farm equipment.
The cost of food production has continued to increase due to the high costs of inputs and labor.
It has become necessary for the government to deliberately subsidize these costs and ensure that such subsidies are enjoyed by farmers, not small-pocketed farmers who are more rent-seeking than committed to food production.
If there are no deliberate measures to reduce the cost of food production, Nigeria cannot break out of the cycle of high food prices.
We affirm that the measures taken by the government to reduce the effects of inflation on the people are temporary because the causes of inflation – the devaluation of the Naira and the removal of subsidies on PMS – will have lasting effects on the country- Nigerian language.
In order to increase food production, the government must do everything possible to improve the safety of people.
The war against terrorists and terrorists is not about bringing them back; it is now about the survival of the Nigerian people.
Strategic, drastic, and enduring measures must be taken to defeat them, probably, before the dry season of farming begins.