Buhari Insists on No Forex for Food Importation in 2021
BUHARI
*Promises to address rising prices of foodstuffs
By Onyinye Apeh
President Muhammadu Buhari Tuesday insisted the no official foreign exchange will be given to importers wishing to import foodstuffs in 2021, and directed the Central Bank of Nigeria (CBN) to enforce the policy.
Buhari however while responding to the rising prices of foodstuffs in the country assured that his administration will do everything to address the issue.
In a statement issued by the Presidential spokesman, Mallam Garba Shehu, the President while reiterating that no forex should be given out for food importation noted that already seven states currently produce rice that the country needs.
Speaking on the occasion of the Presidential Economic Advisory Council meeting held at the State House, Abuja, the President said the country has progressed on agriculture but regretted the Coronavirus pandemic which impacted heavily on the economy.
He said that since the country cannot continue to depend on oil to sustain the economy, agriculture was the way out.
During the virtual meeting, the President said, “Going back to the land is the way out. We depend on petrol at the expense of agriculture. Now the oil industry is in turmoil.
“We are being squeezed to produce at 1.5 million barrels a day as against a capacity to produce 2.3 million. At the same time, the technical cost of our production per barrel is high, compared to the Middle East production.
“We will continue to encourage our people to go back to the land. Our elite is indoctrinated in the idea that we are rich in oil, leaving the land for the city for oil riches. We are back to the land now.
“We must not lose the opportunity to make life easier for our people. Imagine what would have happened if we didn’t encourage agriculture and closed the borders. We would have been in trouble.
“Already, about seven states are producing all the rice we need. We must eat what we produce.”
The meeting which was presided over by the President was attended by Vice President Yemi Osinbajo and other key ministers.
By Onyinye Apeh
President Muhammadu Buhari Tuesday insisted the no official foreign exchange will be given to importers wishing to import foodstuffs in 2021, and directed the Central Bank of Nigeria (CBN) to enforce the policy.
Buhari however while responding to the rising prices of foodstuffs in the country assured that his administration will do everything to address the issue.
In a statement issued by the Presidential spokesman, Mallam Garba Shehu, the President while reiterating that no forex should be given out for food importation noted that already seven states currently produce rice that the country needs.
Speaking on the occasion of the Presidential Economic Advisory Council meeting held at the State House, Abuja, the President said the country has progressed on agriculture but regretted the Coronavirus pandemic which impacted heavily on the economy.
He said that since the country cannot continue to depend on oil to sustain the economy, agriculture was the way out.
During the virtual meeting, the President said, “Going back to the land is the way out. We depend on petrol at the expense of agriculture. Now the oil industry is in turmoil.
“We are being squeezed to produce at 1.5 million barrels a day as against a capacity to produce 2.3 million. At the same time, the technical cost of our production per barrel is high, compared to the Middle East production.
“We will continue to encourage our people to go back to the land. Our elite is indoctrinated in the idea that we are rich in oil, leaving the land for the city for oil riches. We are back to the land now.
“We must not lose the opportunity to make life easier for our people. Imagine what would have happened if we didn’t encourage agriculture and closed the borders. We would have been in trouble.
“Already, about seven states are producing all the rice we need. We must eat what we produce.”
The meeting which was presided over by the President was attended by Vice President Yemi Osinbajo and other key ministers.
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