President Bola Tinubu has directed the Federal Executive Council to take urgent steps to reduce food prices nationwide by ensuring the safe movement of farm produce across transport routes.
This move aims to tackle high transportation costs, a significant driver of food inflation.
The prices of essential commodities have dropped, including:
Rice (50kg): N85,000 from N87,000, a 2.29% decline.
Beans (50kg): N80,000 from N82,000
Garri (50kg yellow): N32,000 from N33,000, a 3.03% reduction.
Flour (50kg): N63,000 from N65,000
Tomatoes (basket): N75,000 from N110,000, a 31.82% drop.
Pepper (big bag): N75,000 from N80,000
Onions: N105,000 from N110,000, a 4.54% decline.
New yam (3 tubers): N13,500 from N16,500, an 18% reduction.
Palm oil (5L of Palm oil: N11,500 from N12,000
Sugar (50kg): N80,000 from N82,000.
The government plans to launch the Farmer Soil Health Scheme to boost productivity and cooperative sector reforms to empower rural farmers and strengthen economic activity. These measures aim to stabilize food prices, improve supply security, and enhance food affordability for vulnerable households. Tinubu’s directive aligns with his broader food sovereignty agenda, targeting sufficiency, availability, accessibility, affordability, nutrition, and sustainability.
