The Federal Government has approved N200 billion as intervention for provision
of stable food and agricultural inputs.
President Bola Tinubu made the announcement in a nationwide broadcast
tagged: “After Darkness Comes the Glorious Dawn’’ on Monday in Abuja.
He said the intervention would ensure that prices of food items remained
affordable, adding that the government had the buy-in of farmers’ associations
and operators in the agriculture value-chain.
’In the short and immediate terms, we will ensure staple foods are available and
“To this end, I have ordered the release of 200,000 metric tonnes of grains from
strategic reserves to farmers across the 36 states and FCT to moderate prices.
‘’We are also providing 225,000 metric tonnes of fertiliser, seedlings and other
inputs to farmers, who are committed to our food security agenda.
“Our plan to support cultivation of 500,000 hectares of farmland and all-year-
round farming practice remains on course.
‘’To be specific, N200 billion out of theN500 billion approved by the National
Assembly will be disbursed (for this).’’
Tinubu said that his administration would also invest N50 billion each to
cultivate 150,000 hectares of rice and maize, while N50 billion each would also
be ear-marked to cultivate 100,000 hectares of wheat and cassava.
The president added that an expansive agricultural programme would be
implemented, targeting small-holder farmers and leveraging large-scale private
sector players in the agriculture business with a strong performance record.
“In this regard, the expertise of development finance institutions, commercial
banks and microfinance banks will be tapped into, to develop a viable and an
appropriate transaction structure for all stakeholders.’’
Tinubu said that the Federal Government was also collaborating with the other
two-tiers of government toward ensuring that various palliatives initiated by the
administration got down to the grassroots.
‘’It is in the light of this that I approved the Infrastructure Support Fund for the
‘’This new infrastructure fund will enable states to intervene and invest in critical
areas and bring relief to many of the pain points as well as revamp our decaying
healthcare and educational infrastructure.
‘’The fund will also bring improvements to rural access roads to ease evacuation
of farm produce to markets.
“With the fund, our states will become more competitive and on a stronger
financial footing to deliver economic prosperity to Nigerians.’’
The president also announced the provision of buses to states and local
government areas for mass transit at affordable rates.
‘’We have made provision to invest N100 billion between July 2023 and March to
acquire 3,000 units of 20-seater CNG-fuelled buses.
‘’These buses will be shared to major transportation companies in the states,
using the intensity of travel per capital.
“Participating transport companies will be able to access credit under this facility
at nine per cent per annum with a 60-month repayment period,’’ the president
On minimum wage for workers, Tinubu said that budget provision would be
made immediately an agreement was reached with labour unions.
‘’In the same vein, we are also working in collaboration with the labour unions
to introduce a new national minimum wage for workers.
‘’I want to tell our workers this: your salary review is coming.
“Once we agree on the new minimum wage and general upward review, we will
make budget provision for it for immediate implementation.’’
The president used the broadcast to urge Nigerians to continue to bear with the
decision on fuel subsidy removal and the preferential exchange rate system.
He promised that the decisions were based on the long-term benefit to the
national economy and socio-political well-being of citizens.
‘’For several years, I have consistently maintained the position that fuel subsidy
had to go. This once beneficial measure had out-lived its utility.
‘’The subsidy cost us trillions of naira yearly. Such a vast sum of money would
have been better spent on public transportation, healthcare, schools, housing
and even national security.
“Instead, it was being funneled into the deep pockets and lavish bank accounts
of a select group of individuals.
‘’Fellow Nigerians, this period may be hard on us and there is no doubt about it
that it is tough on us.
“But I urge you all to look beyond the present temporary pains and aim at the
“All of our good and helpful plans are in the works. More importantly, I know
that they will work.