FG to Release 60,000 Metric Tonnes of Food Grains to Stabilize Prices

by Ohepo Ohepo

The Federal Government is set to bolster food security across the nation by releasing an additional 60,000 metric tonnes of grains, aiming to enhance food availability and stabilize the market prices of foodstuffs.

This announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, during the Public Wealth Management Conference in Abuja, which was jointly organized by the Ministry of Finance and the Ministry of Finance Incorporated (MoFI).

Highlighting the government’s commitment to supporting vulnerable populations during these challenging times, Edun emphasized President Bola Tinubu’s dedication to ensuring that no one is left behind.

This latest initiative to release more grains into the market follows the current distribution of 42,000 metric tonnes, part of a broader strategy to relieve the economic pressures faced by the less privileged.

Edun reassured Nigerians that the government’s efforts are geared towards making food not only available but also affordable. “We expect food prices to stabilize and begin to fall reasonably soon. Meanwhile, we are committed to doing everything possible to ensure food is accessible to everyone, by any legal means necessary,” he stated.

Furthering economic stabilization measures, the Minister also disclosed plans for the implementation of an Executive Order. This order would enable the Ministry of Finance, through the Debt Management Office (DMO), to issue government-backed securities, including dollar-denominated options.

This initiative aims to bolster confidence in the naira and offer Nigerians, both at home and abroad, an opportunity to save in a stable currency while supporting the nation’s economy.

Dr. Shamsudeen Usman, Chairman of the MoFI Board, spoke about the organization taking a more proactive stance in asset management and encouraged asset operators to see MoFI as a collaborative partner rather than a competitor or regulator. He assured of MoFI’s dedication to upholding the highest standards of corporate governance, including implementing policies to prevent conflicts of interest.

Dr. Armstrong Takang, MoFI’s Chief Executive Officer, highlighted the outfit’s revamped mandate, focusing on the public and private sectors’ expectations. He announced the launch of a N100 billion Project Preparation Fund designed to enhance the professionalism in public asset management, marking a significant step towards achieving economic stability and growth.

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