President Tinubu Introduces 180-Day Plan To Combat Nigeria’s High Food Prices

President Bola Tinubu has introduced new steps to tackle high food prices in Nigeria, noting that these measures will roll out over 180 days.

The announcement was made by Tinubu's spokesperson Bayo Onanuga, who also noted that Agriculture Minister Abba Kyari said the president approved a "150-Day Duty-Free Import Window for Food Commodities", including "maize, husked brown rice, wheat and cowpeas," Premium Times reported.

Nigerians have been dealing with skyrocketing food prices since last year's removal of petrol subsidies and the floatation of the naira, affecting its value against other currencies.

The government on Monday emphasized the need to address this issue promptly. Agriculture initiatives are underway at both federal and state levels to support food security.

"We must respond to the creeping availability crisis. As the government continues to encourage agricultural production on a sustainable and profitable basis for farmers, the time lag between cultivation and harvest makes it inevitable for the Government to kick in stop-gap measures that will bring tremendous relief to Nigerians," Kyari said.

As per the 180-day plan, Tinubu approved a 150-day duty-free import window for food commodities that will allow the suspension of duties, tariffs and taxes for the importation of certain food commodities (through land and sea borders).

Kyari explained that these imported food commodities will be subjected to a Recommended Retail Price (RRP), emphasizing that the government was committed to ensuring the safety of imported food items amid concerns about their genetic composition.

"I am glad to reiterate that the government's position exemplifies standards that would not compromise the safety of the various food items for consumption," he added.

Aside from quoting Kyari, Tinubu's spokesperson Onanuga stated that the government will now allow duty-free imports for the private sector for 150 days, apart from importing 250,000 metric tons of wheat and 250,000 metric tons of maize.

These semi-processed imports will be distributed to small-scale processors and millers across the country to enhance the food supply.

The government will also set a Guaranteed Minimum Price for various food commodities and purchase surplus stocks to replenish the National Strategic Food Reserve. Furthermore, the government plans to increase agricultural production for the upcoming 2024/2025 farming season and continue supporting smallholder farmers during the current wet season.

The Tinubu-led administration also announced that it will focus on expanding dry-season farming nationwide, enhancing agricultural mechanization, and development to reduce drudgery, drive down the cost of production, boost productivity and collaborate with sub-national to identify irrigable lands and increase land under cultivation.

Nigerians will also witness a collaboration between the Federal Ministry of Water Resources and Sanitation and the government to rehabilitate and maintain irrigation facilities under river basin authorities across the federation.

Earlier this month, Tinubu inaugurated the Presidential Economic Coordination Council and introduced the Economic Stabilization Program to ensure food security alongside improved power supply, enhanced social welfare and healthcare.