Subsidy Removal: NEC Moves To Crash Food Prices Across Nigeria


To cushion the effect of the fuel subsidy removal, the National Economic Council (NEC) has directed the National Emergency Management Agency (NEMA) to distribute grains to states immediately.

Politics Nigeria reports that NEC directed NEMA to commence the distribution within one or two weeks.

This, according to NEC, is to bring down the price of food items across the country.

Gov. Bala Mohammed of Bauchi State disclosed this while briefing reporters on the outcome of the NEC meeting, chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja, on Thursday.

According to him, Shettima directed NEMA to release the grains immediately, adding that states would be involved in the mechanism.

He said:

“The National Economic Council (NEC) discussed giving broader interventions to all the sectors and all the segments of the society.

“Food is a key component of what is on the table in terms of food security. On the escalation of prices of foodstuff, we are happy because NEC has seriously engaged with NEMA, the Central Bank of Nigeria (CBN) and indeed with the Ministry of Agriculture.

“We have some buffer stock that is already there with NEMA, so council directed that the states will immediately be allocated substantial portions of food items, grains and so on for distribution so that the prices of foodstuff will come down.

“These grains will be given at subsidized rates or at the rates they were acquired. The CBN’s Anchor Borrowers Programme and Agric programme have ensured a large rice and other grains stock. These will be made available within one week so that they will be distributed to the states.”

He explained that states are at liberty to give out the grains at subsidized rates, or free of charge or sell it in such a way that it would crash the prices of food items and make them affordable for the ordinary people.

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