President Bola Tinubu has announced plans to disburse N200 billion out of the N500 billion approved by the National Assembly to support the cultivation of major staple crops in Nigeria. This move aims to address food inflation and strengthen food security in the country.

During a presidential broadcast to Nigerians on Monday evening, President Tinubu shared the details of the disbursement plan. Out of the approved amount, N50 billion will be invested in cultivating 150,000 hectares of rice and maize, while N50 billion each will be earmarked for cultivating 100,000 hectares of wheat and cassava.

To ensure that food items remain affordable, the President revealed that a multi-stakeholder engagement has been established with farmers’ associations and operators within the agricultural value chain.

In the short term, President Tinubu ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and the Federal Capital Territory (FCT) to help stabilize prices. Additionally, the government is providing 225,000 metric tonnes of fertilizer, seedlings, and other inputs to support farmers committed to the nation’s food security agenda.

The President reaffirmed his administration’s commitment to support the cultivation of 500,000 hectares of farmland, with a focus on small-holder farmers and collaborations with reputable private sector players in the agricultural industry.

The expansive agricultural program seeks to promote all-year-round farming practices and further strengthen Nigeria’s agricultural sector to enhance food production and reduce inflationary pressures.

Premium Times