President Bola Tinubu has said his administration would disburse N200 billion out of the N500,000 billion approved by the National Assembly for the cultivation of major staple crops in the country to address food inflation.
The president disclosed this during a presidential broadcast to Nigerians Monday evening.
“Our plan to support the cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed…,” he said.
According to the president, from the amount, N50 billion will be invested in the cultivation of 150,000 hectares of rice and maize, while N50 billion each will be earmarked to cultivate 100,000 hectares of wheat and cassava.
To further ensure that prices of food items remain affordable, Mr Tinubu said a multi-stakeholder engagement had been set up with various farmers’ associations and operators within the agricultural value chain.
In the short and immediate terms, the president said the government will ensure staple foods are available and affordable.
“To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertiliser, seedlings and other inputs to farmers who are committed to our food security agenda,” he noted.
The president said his administration plans to support the cultivation of 500,000 hectares of farmland, and all-year-round farming practice remains on course.
“This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with a strong performance record,” he said.
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