Food price crisis worsens misery as inflation rises by 7.48% under Tinubu

“The inflation rate in Nigeria has surged, hitting 29.90% in January 2024, up from 22.41% in May 2023. Food inflation stands at a staggering 35.4%, exacerbating a national food crisis. Experts attribute the rise to persistent factors like fuel subsidy removal, forex unification, and corruption in agricultural subsidies. Calls for urgent government intervention include revising tariff policies, boosting local production, and enhancing security for farmers. President Bola Tinubu rejects price controls and food imports, advocating instead for local agricultural solutions to combat economic hardships. Source: The Guardian

Our Review
President Bola Tinubu has affirmed his stance against establishing a price control board or endorsing food importation as a solution to Nigeria’s economic challenges. Following a meeting with state governors and other key officials, Tinubu reiterated his commitment to developing home-grown strategies to address food security issues. He emphasized supporting local farmers to boost food production and eliminating rent-seeking practices associated with food imports, which he criticized for enabling fraud and mismanagement that harm Nigerians.
Meanwhile, Atiku Abubakar, the presidential candidate of the PDP in the 2023 election, has sharply criticized Tinubu’s approach, accusing him of exacerbating hunger, economic hardship, and poverty in Nigeria. Atiku likened Tinubu’s governance to a quack doctor worsening a cancerous condition, attributing the country’s severe socio-economic challenges to what he described as the failures of Tinubu’s administration. The debate underscores contrasting views on economic policy, with Tinubu advocating for self-reliance in food production and Atiku advocating for alternative strategies amidst economic difficulties and declining business activities at Nigerian seaports.”