President Muhammadu Buhari says government will keep a keen interest on food inflation in the New Year while giving directive to the Central Bank of Nigeria, CBN, not to give any money for food importation.
He Stated this at the fifth regular meeting with the Presidential Economic Advisory Council at the State House in Abuja
Responding to trides made in agricultural production following the diversification from over reliance on oil, President Buhari wondered where the country would have found itself by now in view of the devastating economic crisis brought about by COVID-19 if the country had not embraced agriculture.
The president emphasized the place of agriculture in an efforts to restoring the economy while agreeing that measures must be put in place to curtail inflation in the country:
He stressed the need to make the private sector of the economy the primary source of investment, rather than government.
The meeting reviewed progress towards structural reforms in response to the economic crises, including the institution of the Economic Sustainability Plan, the changes in electricity tariff and fuel pricing regime,
Others are partial re-opening of the Land Borders, the movement towards unification of exchange rates and budgetary reforms through Finance Bill 2020 and 2021.
The meeting, which was for a review of, and reflections on the global and domestic economy in the outgoing year, was attended by the Vice President, Professor Yemi Osinbajo, Ministers of Finance and Humanitarian Affairs and agreed on a number of measures.
COV / BELLO WAKILI