President Bola Ahmed Tinubu has expressed his satisfaction with the recent decline in food prices across the country, attributing the development to government interventions as the holy month of Ramadan approaches.

Presidential Statement

Tinubu made the statement during a meeting with key stakeholders in the agricultural sector at the Presidential Villa in Abuja. He noted that the reduction in food prices is a positive step towards alleviating the economic burden on Nigerians, especially as the fasting period draws near.

“I am happy to see food prices coming down, especially with Ramadan approaching. This is a testament to the various efforts made by the government to improve food supply and support farmers,” Tinubu stated.

Government Initiatives

The federal government has recently implemented several policies aimed at boosting food production and stabilizing prices. These include providing subsidized fertilizers to farmers, supporting irrigation projects, and offering low-interest loans to small-scale farmers.

Minister of Agriculture and Food Security, Abubakar Kyari, highlighted the impact of these initiatives, stating that they have significantly increased the availability of essential food items such as rice, maize, and vegetables in local markets.

“The government’s intervention programs are yielding results, and we will continue to support farmers to ensure that food remains affordable for all Nigerians,” Kyari said.

Public Reactions

Many Nigerians have welcomed the news of falling food prices, expressing hope that the trend will continue. Local traders and market women have confirmed a slight reduction in the prices of staple foods, though some have called for more sustained efforts to ensure long-term price stability.

Fatima Suleiman, a trader at Wuse Market in Abuja, said, “Prices of rice and tomatoes have dropped recently, and we hope the government will keep supporting farmers to make food more affordable.”

Challenges Ahead

Despite the positive development, some economic analysts have cautioned that more work needs to be done to address structural issues in the agricultural sector. Rising transportation costs, insecurity in farming regions, and fluctuating fuel prices remain significant challenges to food production and distribution.

Dr. Olumide Adekunle, an economist, advised the government to adopt comprehensive policies that address the root causes of food inflation.

“While the recent drop in prices is commendable, the government must tackle insecurity, improve infrastructure, and invest in modern agricultural techniques to sustain the progress,” Adekunle said.

Way Forward

President Tinubu reiterated his administration’s commitment to ensuring food security and urged all stakeholders to work together towards achieving long-term stability in food prices. He also called on Nigerians to support local farmers by patronizing locally produced food items.

As Ramadan approaches, many citizens are hopeful that the downward trend in food prices will continue, easing the financial strain on households during the fasting period.