Politics
Breaking News: CBN’s Naira Redesign Leaves Farmers Financially Stranded, According To Government
Breaking News: CBN’s Naira Redesign Leaves Farmers Financially Stranded, According To Government....KINDLY READ THE FULL STORY HERE▶
The Federal Government has expressed concerns that the naira redesign policy implemented by the Central Bank of Nigeria (CBN) between December 15, 2022, and early February this year, before being ruled against by the Supreme Court, has had severe repercussions on farmers, leaving them financially drained…….CONTINUE READING
During a budget defense session led by Senator Saliu Mustapha, chairman of the National Assembly Joint Committee on Agriculture, Minister of Agriculture and Food Security, Senator Abubakar Kyari, highlighted the adverse effects of the controversial naira redesign and escalating hunger due to insecurity in the country.
Kyari emphasized that the 2024 budgetary proposals for the agriculture sector aim to achieve food security. He noted that factors such as insecurity and the naira redesign policy from about a year ago have led to the impoverishment of farmers, posing a significant threat to food security.
The minister pointed out that the cash crunch resulting from the naira redesign compelled farmers to sell their produce at exceptionally low prices for survival. This policy coincided with the harvest season, exacerbating the financial woes of farmers.
During the session, lawmakers, including Dahiru Haruna and Ademorin Kuye, drew attention to the urgent need for the government to address the high rate of hunger in the country, primarily driven by insecurity. Haruna painted a grim picture of people dying of hunger daily, with many surviving on just one meal a day. He also highlighted the influx of people from neighboring countries, indicating an impending famine if not promptly addressed.
Ademorin criticized the alleged mismanagement of silos built during President Jonathan’s administration, claiming that most were reportedly given out as concessions for N20 million each.
In response, Minister Kyari assured the lawmakers that all raised issues would be decisively addressed in the 2024 fiscal year. He emphasized that food security is a top priority in President Bola Tinubu’s administration, outlining action plans already in progress. These include securing farmlands, certifying planting materials, reviewing fertilizer delivery mechanisms, fast-tracking the National Agricultural Development Fund, and collaborating with the Ministry of Water Resources to unlock irrigation potentials.
For the 2024 fiscal year, the agriculture sector has been allocated a total of N362.940 billion, with N124.1 billion designated for the Ministry. The breakdown includes N10.6 billion for personnel costs, N1.34 billion for overhead, and N112.497 billion for capital expenditure.
Source: Bushradiogist
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