President Bola Tinubu, in his 64th Independence Day speech, pledged to reduce food prices by restoring security in northern Nigeria. His administration aims to help displaced farmers return to their lands, counteract inflation, and boost agricultural production amid rising living costs and ongoing economic challenges.
In his address for Nigeria's 64th Independence Day on October 1, President Bola Tinubu committed to tackling the country's escalating food prices and improving living conditions for citizens. He emphasized that his administration is actively working to restore security in the northern regions, enabling displaced farmers to return to their farms and enhance food production.
"We anticipate a significant increase in food production and a decrease in food prices," Tinubu declared, reinforcing his government's dedication to overcoming the issues posed by terrorism and banditry. He noted the success achieved in targeting and eliminating key terrorist figures, revealing that more than 300 commanders from Boko Haram and bandit groups have been neutralized in the past year.
This pledge comes during a challenging economic period for Nigeria, characterized by unprecedented inflation rates. According to the National Bureau of Statistics (NBS), the food inflation rate soared to 37.52% in August 2024, driven by rising costs of essential items such as bread, maize, and palm oil. Although both the federal and state governments have introduced various relief measures, many Nigerians continue to struggle with the impact of rising prices.
Tinubu reiterated the importance of restoring peace in affected areas to revitalize agriculture and ensure food security. With ongoing efforts to combat insecurity, the President expressed hope that these initiatives would lead to marked improvements in the availability and affordability of food shortly.
