Wednesday, October 20, 2021

Buhari shifts blame on middlemen for rising food prices

Buhari has blamed Nigeria’s middlemen for the country’s rising food prices instead, deflecting critics’ accusation that his regime’s policies are hurting Nigerians.

and • October 1, 2021
Utako Market, Abuja. September 14, 2020. Ahmed Oluwasanjo for Peoples Gazette.

President Muhammadu Buhari has blamed Nigeria’s middlemen for the country’s rising food prices instead, deflecting critics’ accusation that his regime’s economic and monetary policies are hurting Nigerians.

“Unfortunately, as our food production capacity has increased, food prices have been going up due to artificial shortages created by middlemen who have been buying and hoarding these essential commodities for profiteering,” said Mr Buhari on Friday.

Mr Buhari directed the Ministry of Agriculture and Rural Development to rehabilitate the National Food Reserve Agency to address the continued rise in food prices.

He tasked the food agency to work with security agencies, the Nigerian Commodity Exchange, and the National Assembly to devise lasting solutions to these disruptive and unpatriotic hoarding activities.

The president further disclosed that his regime had built several new dams. His regime also planned to rehabilitate several River Basin Development Authorities to enhance groundwater supply for smooth agricultural activities.

Peoples Gazette in September reported that the food price continued to increase in August despite the fifth consecutive drop in Nigeria’s inflation rate.

The National Bureau of Statistics observed that the food price slowly increased in August due to price moderation of bread and cereals, milk, cheese and egg, oils and fats, potatoes, yam and other tuber, food products, meat and coffee, tea, and cocoa.

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