The minister of finance, budget and national planning, Mrs. Zainab Ahmed has revealed a plan by the federal government to convene a national food security council meeting to address the incidence of rising food prices in the country.
The minister stated this while addressing journalists at the end of the weekly federal executive meeting held at the presidential villa, Abuja on Wednesday.
She said the council had given approval for the national food security council to meet “very quickly to address the issue of food inflation, and also provide a plan and some methods in which we can reduce the cost of food to support improved food prices for the citizenry”.
She further said that FEC was briefed about the rising inflation rate and the need to manage the cost of inflation in the country.
The minister also said FEC considered a report from her ministry for the first quarter of 2022 GDP report which shows that the Nigerian economy has grown by 3.1 per cent in the first quarter of 2022 as against a growth of 0.5 per cent in the first quarter of last year.
“This growth shows a gradual economic stability from the recession that we witnessed in 2020. And also it shows the six quarters of positive growth that the Nigerian economy has presented.
“So of the 46 economic activities, the bulk sector performance shows that services sector grew strongly by 4.7 per cent, agriculture also grew by 3.61 per cent. Industry on the other hand contracted by minus 6.81 per cent and there’s also a significant contraction in the crude oil, petroleum and natural gas sector of 26.04 per cent.
“Coal mining sector also declined. Oil refinery, the biggest contraction of 44.26 per cent, electricity sector, textile outcome. Therefore, even though there has been growth in some sectors, there are significant contractions than others but the net effect is positive growth.
“We’re very mindful of the fact that unless we have most of the sectors growing especially the growth in the jobs impacted sectors, that this growth that is positive will not be directly felt by the people,” she said.
Ahmed further said her ministry reported to FEC that inflation had started going upward to the extent that the monetary authorities of the Central Bank have had to adjust the monetary policy rate to 13 per cent at the last monetary policy committee meeting and that’s an attempt to manage the cost of inflation.
“So, Council has decided to set up a special effort to look at the sectors that are not growing and also to look at how we can grow the other sectors better,” the minister added.
Besides, FEC approved a memorandum of understanding for the purchase of 82 brand new Toyota vehicles, branded raincoats and sundry other accoutrements for the use of the Nigeria Police at the total cost of N8.3 billion.
The minister of police affairs, Mr. Maigari Dingyadi, disclosed this while also briefing newsmen after the FEC meeting.
He said the approval included the supply of customised raincoat for distribution to police formations across the country at the cost of N1.9 billion.
Dingyadi said the memo which had been approved by the cabinet, included customised police boots at the cost of N576 million.
“We also got approval for the supply of micro first aid kits for the police at the cost of N1 billion as well as customized instructional materials for the police colleges and schools at the cost of N664 million.
“There is also the supply of drugs and medical equipment for police hospitals across the country at the cost of N2 billion. When you add all these projects, they will come up to N8, 315, 209, 825.”
