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FG Reveals The True Cause Of Rising Food Prices

FG Reveals The True Cause Of Rising Food Prices 

The citizens complained that the situation was making their lives intolerable.

By Omotayo Olutekunbi

The Federal Government has attributed Nigeria’s high food prices to smuggling and growing inflation.

When addressing Abuja at the Fifth Edition of the President Muhammadu Buhari (PMB) Administration scorecard, 2015–2023, the Minister of Agriculture, Mohammad Abubakar, made this statement.

As the COVID-19 epidemic destroyed economies, he claimed that Nigeria was not the only country facing this problem.

“The fact that some categories of food are imported by Nigeria is not an indication that we have food shortages.

“The high cost of food that we experience in the country is a result of rising inflation, which is not peculiar to Nigeria but due to the COVID-19 pandemic that forced many sectors of economic production to be shut down for many months,” he said.

The Minister further stated that measures were being taken to stop smuggling.

The present high prices of food and cooking gas have alarmed many Nigerians, who are pleading with the government to take more action.

They said that the circumstances were making life intolerable for them.

In Nigeria, food inflation accelerated for the eighth consecutive month in October 2022, rising to 23.72% from 23.34% the previous month. It was the highest number since October 2005, in part because of recent regional floods that disrupted supplies and because a weaker currency kept driving up the price of imported food (18.1% vs. 18% in September).

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