President Bola Tinubu has instructed the Ministry of Agriculture and Food Security to release approximately 42,000 metric tons of maize, millet, and other commodities from strategic reserves to alleviate the escalating food prices in the nation. Mohammed Idris, the Minister of Information and National Orientation, relayed this directive on Thursday at the State House in Abuja following a meeting of the Presidential Committee on Emergency Food Intervention.

Idris disclosed that the Rice Millers Association of Nigeria has also pledged to release around 60,000 metric tons of rice to the markets.

“We have two significant announcements today. Firstly, the Ministry of Agriculture and Food Security has been tasked to release approximately 42,000 metric tons of maize, millet, garri, and other stored commodities immediately to ensure their availability to Nigerians,” he informed reporters.

“Secondly, discussions with the Rice Millers Association of Nigeria have resulted in their commitment to open up their warehouses and offer about 60,000 metric tons of rice to the market, addressing the scarcity,” he added.

Additionally, he mentioned the possibility of importing grains “as an interim measure” if necessary.

This statement coincides with Speaker Tajudeen Abbas’s plea to Nigerians regarding the rising cost of living, echoing sentiments shared by various government officials who emphasize the need for patience during the reforms aimed at attracting more foreign investment to Africa’s largest economy.

However, the immediate repercussions of these reforms are keenly felt by Nigerians, with December’s inflation reaching 28.92 percent, notably driven by a 33.93 percent increase in food prices, as reported by the National Bureau of Statistics (NBS).

The depreciation of the naira against the US dollar has accelerated since the government abandoned the multi-tier exchange rate system, with the local currency now trading at 1,400 to the greenback, a sharp contrast to the pre-reform rate of approximately 450 to the dollar, according to the central bank’s data.