On Friday, two key members of the Federal Executive Council voiced their concerns regarding the negative impacts of recent economic policies, specifically the removal of fuel subsidies and the decision to allow the Naira to float freely.
Atiku Abubakar Bagudu, the Minister of Budget and Planning, alongside Abubakar Kyari, the Minister of Agriculture, criticized the economic direction of the current government during a meeting with the Senate’s joint committee. This committee includes the Committee on Finance, Banking, Insurance and other Financial Institutions Committee, and the Appropriation Committee.
Minister Bagudu highlighted the adverse effects of eliminating fuel subsidies, noting that it has led to a significant rise in petroleum costs. This increase, he pointed out, has directly impacted farmers by escalating their operational costs.
Furthermore, Senator Kyari expressed concerns over the devaluation of the Naira following the policy to let it float. He observed that this devaluation has made Nigerian farm produce significantly cheaper in neighboring countries, promoting what he termed “undocumented exports” of food. This scenario, according to Senator Kyari, has positioned Nigerian food products as the most affordable options in the surrounding region, potentially exacerbating food security issues within the country.