President Bola Tinubu announced that his administration has invested billions of naira in mechanized farming equipment sourced from Brazil, the United States, and Belarus to enhance agricultural output and address the food crisis. Speaking from the State House in Abuja, Tinubu revealed plans to cultivate over 10 million hectares of land, with the federal government providing incentives and states supplying the land. This initiative aims to generate millions of jobs and significantly boost local food production.
He emphasized that recent meetings with Governors and key Ministers focused on accelerating food production, with the government already distributing fertilizers. Additionally, Tinubu confirmed that the imported farming equipment is en route.
To combat food inflation, Tinubu also announced a six-month suspension of import duties on food items and pharmaceutical products, including rice, wheat, maize, and drugs. This move is intended to reduce market prices and ease the high cost of living, which has recently spiked due to over 40% food inflation, prompting widespread protests against the economic strain.
