To combat food insecurity and alleviate the financial burden on Nigerian citizens, President Bola Tinubu has made a commitment to address the escalating costs of living and essential food items, BusinessDay reported.
The government’s proactive approach includes the temporary suspension of tariffs on imported grains and other vital food commodities.
Nigeria is currently grappling with a historic inflation rate of 33.95% in May 2024, attributed to two naira devaluations and the removal of petrol subsidies.
As a result, interest rates have surged by 750 basis points, climbing from 18.75% in July to 26.25% in May, as the central bank implements monetary measures to stabilize the economy.
The National Bureau of Statistics (NBS) reported a sharp rise in food inflation to 40.66% in May from 24.82% a year earlier, marking a significant increase of 15.84 percentage points.
BusinessDay’s July TalkExchange poll aims to gauge public satisfaction with the government’s decision to temporarily waive tariffs on imported grains and essential food items. This measure is intended to address soaring food prices and ease financial pressures on citizens.
However, questions linger about whether this approach will effectively combat food inflation and alleviate shortages.
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