In a bid to tackle the soaring prices of food commodities and ensure food availability across the nation, the federal government has unveiled plans to release an additional 60,000 metric tonnes of grains.
The announcement was made by the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, during the Public Wealth Management Conference held in Abuja, jointly organized by the Ministry of Finance and the Ministry of Finance Incorporated (MoFI).
Mr. Edun reiterated President Bola Tinubu’s commitment to supporting the less privileged during challenging times, highlighting previous initiatives such as the release of strategic grain reserves.
He further disclosed that the government is currently in the process of releasing 42,000 metric tonnes of food grains, with an additional 60,000 tonnes in the pipeline.
These measures, according to Mr. Edun, are aimed at ensuring food availability and stabilizing prices, with the expectation that prices will gradually decrease.
He emphasized that President Tinubu’s directive is to leave no stone unturned in ensuring food reaches the market and people’s tables through all legal means necessary.
Mr. Edun also hinted at the forthcoming implementation of an Executive Order enabling the Ministry of Finance, through the Debt Management Office (DMO), to offer government-backed securities.
This initiative is intended to bolster confidence in the naira and provide Nigerians, both domestically and internationally, with the option to save in dollars.
The chairman of the MoFI Board, Dr. Shamsudeen Usman, stressed the outfit’s commitment to enhanced asset management, urging asset operators to perceive MoFI as partners rather than competitors or regulators.
He also assured stakeholders of MoFI’s adherence to rigorous standards of corporate governance, including measures to prevent conflicts of interest among employees.
Dr. Armstrong Takang, MoFI’s Chief Executive Officer, outlined the organization’s renewed mandate, emphasizing expectations from both the public and private sectors.
He further announced the launch of a N100 billion Project Preparation Fund aimed at enhancing professionalism in the management of public assets.
