FG Allocates ₦‎200 Billion Naira To Aid Farming

Federal Government Allocates N200 Billion for Agricultural Development to Enhance Food Security

The Secretary to the Government of the Federation (SGF), Senator George Akume, has announced the allocation of N200 billion by the federal government to support the cultivation of hectares of land as part of efforts to bolster food security in Nigeria.

Key Highlights from the Announcement

• Agricultural Funding: The federal government is committing N200 billion to aid the cultivation of land to increase agricultural productivity and enhance food security across the nation.
• Economic Reforms and Palliatives: Senator Akume emphasized the government’s swift implementation of various measures to address the current economic challenges. These measures include:
  • Allocation of N125 billion in conditional grants and financial inclusion initiatives for medium and small enterprises.
  • Provision of N150 billion in palliative loans to states to mitigate the impact of fuel subsidy removal.
  • Support for agricultural development with the N200 billion allocation for land cultivation.

Call for Calm and Productivity

Senator Akume urged Nigerians to remain calm amid the prevailing economic hardships, assuring them that President Bola Tinubu is committed to improving the economy through comprehensive reforms and support measures.

• Economic Stability and Productivity: The SGF highlighted the government’s focus on controlling inflation, ensuring economic stability, and fostering productivity. He stressed the importance of productivity in economic demands, urging citizens to contribute actively to the nation’s economic growth.

Condemnation of Labour Union Actions

Regarding the recent industrial strike by labor union leaders, Senator Akume condemned the shutdown of the national grid, labeling it a “treasonable offence” and “economic sabotage.”

• National Grid Shutdown: Akume emphasized that such actions by labor unions could jeopardize the government’s efforts to rebuild the economy. He called on labor unions to avoid actions that could destabilize the nation and hinder economic progress.

Context: Nigeria’s Food Security Crisis

Nigeria is currently grappling with a significant food security crisis, characterized by:

• High Food Inflation: Food inflation has reached 40.5%, with staple food prices, especially grains, increasing by over 100% in the past year.
• Household Struggles: The steep rise in food prices is severely burdening households across the country, exacerbating the challenges within an already fragile economy.
• Projections of Severe Food Shortages: It is projected that approximately 31 million Nigerians could face severe food shortages by August, necessitating urgent and strategic interventions to address the crisis.