Palliatives: FG would invest N200 billion in food and agriculture

The Federal Government has approved N200 billion in intervention for the provision of stable food and agricultural inputs.

On Monday in Abuja, President Bola Tinubu made the announcement during a statewide broadcast titled “After Darkness Comes the Glorious Dawn.”

He stated that the intervention would ensure that food prices remained affordable, and that the government had the support of farmers’ associations and agriculture value-chain players.

”In the short and medium term, we will ensure that staple goods are available and inexpensive.

“To that end, I have ordered the release of 200,000 metric tonnes of grains from strategic reserves to farmers across the 36 states and the FCT in order to moderate prices.”

‘’We are also delivering 225,000 metric tonnes of fertiliser, seedlings, and other inputs to farmers who are committed to our food security strategy.

“Our plan to support the cultivation of 500,000 hectares of farmland and all-year farming practise remains on track.”

”Specifically, N200 billion out of the N500 billion agreed by the National Assembly will be distributed (for this).”

Tinubu also stated that his administration would invest N50 billion each to plant 150,000 hectares of rice and maize, as well as N50 billion each to cultivate 100,000 hectares of wheat and cassava.

The president went on to say that an extensive agricultural project would be conducted, aimed at small-holder farmers and leveraging large-scale private sector participants in the agriculture market with a proven track record.

“In this regard, the expertise of development finance institutions, commercial banks, and microfinance banks will be drawn upon to develop a viable and appropriate transaction structure for all stakeholders.”

Tinubu stated that the Federal Government was also working with the other two branches of government to ensure that the administration’s palliatives reached the grassroots.

‘’In light of this, I approved the Infrastructure Support Fund for the states.

‘’This new infrastructure fund will allow governments to intervene and invest in important regions, alleviating many of the pain points while also revitalising our ageing hospital and educational facilities.

‘’The financing would help upgrade rural access roads to facilitate the transportation of farm produce to markets.

“With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.”

The president also announced the deployment of low-cost buses to states and local governments for public transit.

‘’We have budgeted N100 billion between July 2023 and March 2024 to purchase 3,000 20-seater CNG-fueled buses.

‘’These buses will be split among major transport providers in the states, based on the intensity of transit per capital.

“Participating transport companies will be able to access credit under this facility at 9% per annum with a 60-month repayment period,” the president said.

Tinubu stated that a budget provision for a minimum wage for workers will be provided as soon as an agreement was achieved with labour unions.

”In the same line, we are negotiating with labour unions to establish a new national minimum wage for workers.

”I’d like to inform our employees that your wage will be reviewed soon.

“Once we agree on the new minimum wage and general upward review, we will make budget provisions for immediate implementation.”

The president used the broadcast to urge Nigerians to bear with the decision to eliminate gasoline subsidies and the preferential exchange rate scheme.

He vowed that the decisions will be made with the long-term benefit of the national economy and the socio-political well-being of citizens in mind.

”For numerous years, I have repeatedly stated that the fuel subsidy needs to go. This once-beneficial measure had outlived its usefulness.

‘’The subsidies costs us trillions of naira each year. Such a large sum of money would have been better spent on public transport, healthcare, education, housing, and even national defence.

“Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.”

”Fellow Nigerians, there is no doubt that this moment is difficult for us.

“However, I urge you all to look beyond the present temporary pains and towards the bigger picture.”

“All of our good and helpful plans are in the works.” More importantly, I know they will work.

‘’Unfortunately, there was an unavoidable lag between the termination of subsidies and the implementation of these programmes.

“However, we are rapidly closing the time gap.” I beg you to have faith in our ability to deliver and in our compassion for your well-being.”

Tinubu urged all Nigerians of goodwill to join him in the fight against those who benefitted from past bad economic policies and were fighting back.

”As we work to combat the defects in the economy, the people who profit from them will, inevitably, fight back by any means possible.

‘’Our economy is going through a bad phase, and you are suffering as a result. Fuel prices have risen.

“Food and other prices have followed suit.” Households and businesses are struggling.

”Things appear uneasy and unpredictable. I understand the difficulties you are experiencing.

“I wish there were other options. But there isn’t. If there were, I would have taken it since I came here to aid, not to harm, the people and country I care about.

”What I can give in the short future is to ease the burden our current economic position has forced on all of us, particularly on businesses, the working class, and the most vulnerable among us,” he said.

The president praised state governments for putting in place one or more palliative measures to help their constituents cope with the loss of subsidies. (NAN)