Fuel hike: CBN gives update on distribution of grains nationwide
According to the Central Bank of Nigeria, it has distributed grains nationally in accordance with President Bola Ahmed Tinubu’s instruction to promote food security, amid efforts to mitigate the effects of fuel price increases and growing inflation.
The distribution would start on Monday, July 24, the CBN’s Director of Corporate Communications, Abdulmumin Isa, reportedly told Daily Trust Newspaper.
Recalls that Tinubu had directed the distribution of food and fertilizer to the nation’s more than 50 million homes.
The decision was made during the National Economic Council meeting on last Thursday.
The CBN promised that all necessary measures had been taken to ensure that the grains from its strategic stocks would be distributed.
We participate in the arrangement with the federal government. As part of our effort to ensure food security, we have released some corn and rice from our strategic reserve.
According to schedule, the distribution will start tomorrow (today), and all necessary preparations have been made to guarantee a seamless process.
The withdrawal of fuel subsidies and other government measures have caused hardship for Nigerians, and economists and financial experts are appealing for assistance.
