Wednesday, December 30, 2020

Buhari Orders CBN Not To Release Money For Food Importation, Says Nigerians Must Eat What They Produce

President Muhammadu Buhari has given the Central Bank of Nigeria a directive to withhold money when it comes to importation of food in 2021.

This is in a bid to redirect Nigerians attention back to agriculture since the oil sector is now in shambles. 

According to a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President spoke at the fifth regular meeting with the Presidential Economic Advisory Council at the Presidential Villa, Abuja.

The statement was titled, ‘President Buhari: Government will wrestle food inflation in the coming year’.

Shehu said Buhari directed that the CBN “must not give money to import food. Already about seven states are producing all the rice we need. We must eat what we produce.

"Going back to the land is the way out. We depend on petrol at the expense of agriculture. Now the oil industry is in turmoil. We are being squeezed to produce at 1.5 million barrels a day as against a capacity to produce 2.3 million.

“At the same time, the technical cost of our production per barrel is high, compared to the Middle East production,” the President was quoted as saying.

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