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President Bola Tinubu declares a state of emergency on food security.
Tinubu made the declaration in the wee hours of Thursday via a communique on his official Twitter account.
In the communique, Tinubu directed that all matters pertaining to food and water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council.
This is in line with the administration's position on ensuring that the most vulnerable Nigerians are supported.
The former Lagos State Governor has said he is not unmindful of the rising cost of food and its effect on the pocket of citizens, which was caused by the removal of fuel subsidy.
To mitigate the effects of the subsidy removal, the President has directed the immediate release of fertilizers and grains to farmers and households.
He has also directed that there be an urgent synergy between the Ministry of Agriculture and the Ministry of Water Resources to ensure adequate irrigation of farmlands and to guarantee that food is produced all year round.
The President has also announced the creation of a National Commodity Board that will review and continuously assess food prices as well as maintain a strategic food reserve that will be used as a price stabilisation mechanism for critical grains and other food items.
Through this board, the government will moderate spikes and dips in food prices.
The following stakeholders have been appointed to support the intervention effort: The National Commodity Exchange (NCX), Seed Companies, National Seed Council and Research institutes, NIRSAL Microfinance Bank, Food Processing/ Agric Processing associations, private sector holders & Prime Anchors, smallholder farmers, crop associations and Fertilizer producers, blenders and suppliers associations.
According to the communique, the Central Bank of Nigeria will continue to play a role in funding the agricultural value chain. He has said that 500,000 hectares of land have already been mapped to increase the availability of arable land for farming.
The President added that the revenue from food and agricultural exports will be increased.
