Food Inflation: I Won’t Set Price Control Board, Says Tinubu

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Thursday, February 15th, 2024

(AFRICAN EXAMINER) – President Bola Tinubu, on Thursday, said he has no plan to set up a price control board or approve the importation of food items into Nigeria.

The President made the declaration at a meeting with 36 state governors, attended by Vice-President Kashim Shettima; the National Security Adviser, Nuhu Ribadu; the Inspector-General of Police, Kayode Egbetokun; the Director-General of the Department of State Services, Yusuf Bichi; and some ministers at the State House in Abuja.

With many protests breaking out in states across the Federation over high cost of living and food inflation, some commentators had advised the government to consider the importation of essential commodities like rice, flour, amongst others.

Last Wednesday, a Federal High Court sitting in Lagos ordered the Federal Government to fix the price of goods and petroleum products within seven days.

Justice Ambrose Lewis-Allagoa granted the order sequel to an originating motion filed and argued by the applicant, a Senior Advocate of Nigeria, Femi Falana.

However, the President said he won’t set up a price control board or approve the importation of food items as his administration would use home-grown solutions to address the nation’s food security challenges.

”What I will not do is to set a price control board. I will not also approve the importation of food,” the President said, according to a statement by his spokesman, Ajuri Ngelale.

“We should be able to get ourselves out of the situation we found ourselves in, because importation will allow rent seekers to perpetrate fraud and mismanagement at our collective expense. We would rather support farmers with the schemes that will make them go to the farm and grow more food for everyone in the country.

”We must also look at the rapid but thoughtful implementation of our livestock development and management plans, including dairy farming and others,” the President stated.