Clearly overwhelmed by the deluge of socioeconomic crises bedeviling the country, the Federal Government says Nigerians should blame Godwin Emefele, the Governor of the Central Bank of Nigeria for their current suffering.
The government particularly accused the former CBN helmsman of throwing the nation into unwarranted chaos through the poorly thoughtout Naira redesign policy implemented by the Central Bank of Nigeria (CBN) between December 2022 and February this year.
Speaking at a 2024 budget defense session the Honorable Minister of Agriculture and Food Security, Sen Abubakar Kyari said the ill-fated Naira re-design led to severe financial distress among farmers, resulting in bankruptcies. This revelation coincides with an escalating crisis of hunger and famine-induced deaths, particularly affecting impoverished rural communities.
The budget defense session was at the instance of a joint committee on Agriculture which discussed the repercussions of the contentious Naira redesign on farmers’ financial stability.
Senator Kyari emphasized that the 2024 budget proposals for the sector primarily aim at achieving food security. He highlighted various factors, including insecurity and the ill-fated Naira redesign, that significantly hampered farmers and posed a severe threat to the nation’s food security.
“The financial strain caused by the Naira redesign compelled many farmers to sell their produce at significantly reduced prices for survival, while buyers struggled to access cash for purchases,” revealed the Minister during the session.
The policy, coinciding with the harvest season, resulted in widespread financial devastation among farmers, leaving them in dire financial straits.
During the session, Honorable Dahiru Ismaila Haruna from Bauchi State and Honorable Ademorin Kuye from Lagos State highlighted the urgent need for the federal government to address the escalating hunger crisis, primarily exacerbated by insecurity.
Honorable Haruna painted a grim picture of daily deaths due to hunger and stressed the necessity of stocking silos to prevent a full-blown famine, noting an influx of individuals from neighboring countries seeking sustenance.
However, Honorable Ademorin expressed concerns about the alleged concessioning of silos built by the previous administration, casting doubt on their effectiveness.
In response, the Minister assured lawmakers that all issues raised would be decisively addressed in the 2024 fiscal year, emphasizing President Bola Tinubu’s administration’s commitment to food security.
Kyari outlined ongoing plans to ensure food security, including securing farmlands, certifying planting materials for dry season farming, transparent distribution of fertilizers and agro-pesticides, and expediting operations of the National Agricultural Development Fund.
For the 2024 fiscal year, the Ministry has allocated a total of N362.940 billion to the sector, with N124.1 billion earmarked for the Ministry. This allocation includes N10.6 billion for personnel costs, N1.34 billion for overheads, and N112.497 billion for capital expenditure.
