Nigeria@64: Tinubu Vows to Reduce Food Prices and Living Costs

During Nigeria’s 64th Independence celebration, President Tinubu pledges to lower food prices and ease the cost of living for Nigerians. Learn more about his promises and the path ahead.

President Bola Tinubu has emphasized that his administration is dedicated to restoring peace in the troubled regions of the North, allowing farmers who were displaced by bandits and kidnappings to return to their farmlands and boost food production.

“We anticipate a significant increase in food production and a substantial reduction in food costs. I assure you, we will not waver on this commitment,” Tinubu stated during his 2024 Anniversary Broadcast commemorating Nigeria’s 64th Independence Day on October 1, 2024.

According to the President, his administration is “winning the war on terror and banditry,” with a focus on eliminating all threats posed by Boko Haram, banditry, kidnapping for ransom, and violent extremism.

Tinubu proudly claimed that his administration had eliminated terrorist and bandit leaders more quickly than any other previous government.

“Over the past year, our government has swiftly eliminated Boko Haram and bandit commanders at an unprecedented rate. According to recent figures, more than 300 leaders from these groups have been neutralized by our brave troops in the Northeast, Northwest, and other areas of the country,” he stated.

He conveyed optimism that removing bandit and terrorist leaders would enable farmers to return to their lands, thereby enhancing food production.

“We have brought peace back to hundreds of communities in the North, allowing thousands of our citizens to return home. However, there is still work to be done, and our security agencies remain dedicated to resolving this as swiftly as possible.”

“As soon as we restore peace to numerous communities in the troubled northern regions, our farmers will be able to return to their fields. We anticipate a significant increase in food production and a resulting decrease in food costs. I assure you, we will not waver on this commitment,” he stated.

READ ALSO: Tinubu Urges Patience from Nigerians Amid Economic Reforms

Historic Surge in Food Prices

Nigeria is facing one of its most severe economic crises in recent history, marked by escalating living and energy costs. This turmoil has been triggered by the government’s dual policies implemented in May 2023: the removal of petrol subsidies and the unification of foreign exchange windows.

In August, discontented youths took to the streets for the first 10 days of the month to protest against hunger and economic hardship. According to recent data from the National Bureau of State Statistics (NBS), inflation in the country reached 32.15% during this period.

The NBS reported that food inflation in August 2024 reached 37.52% year-over-year, marking an increase of 8.18 percentage points from the rate recorded in August 2023, which was 29.34%.

It attributed the year-on-year rise in food inflation to increases in the prices of bread, maize, grains, guinea corn, cereals yam, Irish potatoes, water yams, cassava tubers,palm oil and vegetable oils among other items.

Despite palliative measures introduced by the Bola Tinubu administration and governors across all 36 states, Nigerians continue to suffer severely from rampant inflation. The prices of food commodities and essential products are skyrocketing uncontrollably.