Two ministers in the Federal Executive Council on Friday expressed concern over the deleterious effects of fuel subsidy removal and floating of the Naira on the economy.
The Minister of Budget and Planning, Atiku Abubakar Bagudu and his counterpart in the Ministry of Agriculture Senator Abubakar Kyari, picked holes in the economic policy of the present administration.
The duo spoke at a session with the joint Committee of the Senate: the Committee on Finance; Banking, Insurance and other Financial Institutions Committee and Appropriation Committee.
The minister of budget noted that the removal of fuel subsidies has instigated a high cost of petroleum with attendant costs for farmers.
Senator Kyari in his observation declared that devaluation of the Naira in the guise of floating the currency has made farm produce in the country cheaper in the neighbouring country and consequently encouraged what he called “undocumented exports of food to our neighbouring countries.
“Our food products are the cheapest around the neighbourhood,” Senator Kyari declared.
