*To make grains, fertilizers available
President Bola Ahmed Tinubu has disclosed that in a bid to cushion the biting effect of fuel subsidy removal, the federal government will be releasing the sum of N200 billion will be released to farmers to cultivate rice, maize, cassava, and wheat.
President Bola Tinubu, who made the announcement in a national broadcast Monday added that the amount would be taken from the initial N500 billion approved by the National Assembly for the cultivation of 500,000 hectares of land across the country.
According to the President in the broadcast monitored by Nigerian Anchor, the economy will overcome the present turbulence occasioned by the petrol subsidy removal. He further said that there will be an immediate release of grains and fertilizers to ease price increase that is hitting the pockets of Nigerians.
“Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain.
“I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.
“In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices.
“We are also providing 225,000 metric tonnes of fertilizer, seedlings, and other inputs to farmers who are committed to our food security agenda.
“Our plan to support the cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:
“Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize. N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava,” the President assured.
