FG to release of 58,500 metric tonnes of rice for market stabilisation

FG to release of 58,500 metric tonnes of rice for market stabilisation

The federal government is planning the release of around 58,500 metric tonnes of milled rice to the market as a measure to stabilise the market.

This was disclosed by the Minister of Agriculture, Sen. Abubakar Kyari in a message to Nigerians over the prevailing hardship in the country.

According to the Minister, the Ministry is in partnership with NEMA and the DSS to ensure the earlier approved 42,000 metric tons of grains is distributed fairly across the 36 states of the federation and the FCT.

He disclosed that the distribution will begin this week and promised to ensure those in need get it.

He stated, “We shall commence the distribution of 42,000 metric tons of grains, as approved by Mr. President, across the 36 states of the federation as one of the programs to be rolled-out this week.
“We are working hand in hand with NEMA and the DSS to ensure that the grains get to the right people in the right packages and quantities. Furthermore, 58,500 metric tons of milled rice from mega rice millers will also be released into the market for stabilization”

Backstory

In the past few weeks, there have been reports of protests over hardship and incidences of members of the public breaking into both private and public warehouses as well as attacking food trucks. This is occasioned by the spike in inflation at 29.90% with food inflation at 35.41% as of February 2024.

President Bola Tinubu through the Ministry of agriculture had earlier promised as a measure to increase supply of grains in the market and stabilise prices release 42,000 metric tonnes of grains across the 36 states of the country.
The price of grains especially rice have increased significantly since the beginning of the year necessitating major off takers like Olam and Flour Mills to stop purchase. According to a survey by Nairametrics, the price of a bag of rice in touched N88,000- a 22% increase when compared with a similar survey earlier in the month.
Around last year, there were projections detailing the increase in the price of grains especially rice in 2024 mainly due to climatic factors like the El Nino winds, insecurity especially in Nigeria, geopolitical conflicts in Europe etc. A study by AFEX exchange stated that the price of rice will surge by 32% in 2024 and the reality is already being witnessed.