AS food inflation continues an upward trajectory, the Federal Government has hinted of its plan to quickly convene a meeting of the National Food Security Council to explore ways to check the trend.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this after Wednesday’s meeting of the Federal Executive Council (FEC), presided over by Vice-President Yemi Osinbajo, at the Presidential Villa, Abuja.
Briefing correspondents on the outcome of the meeting, she said the council gave the approval for the meeting to hold “very quickly, to address the issue of food inflation and also provide a plan and some methods in which we can reduce the cost of food to support improved food prices for the citizenry, She said FEC had been briefed on the rising inflation rate and the need to manage the impact on the economy.
The minister said the council considered a report from the ministry of finance, budget and national planning for the first quarter of 2022 GDP report which shows that the Nigerian economy has grown by 3.1 percent in the first quarter of 2022 as against a growth of 0.5 percent in the first quarter of last year.
“This growth shows a gradual economic stability from the recession that we witnessed in 2020.
And also, it shows the six quarters of positive growth that the Nigerian economy has presented.
“So, of the 46 economic activities,
The bulk sector performance show that services sector grew strongly by 4.7 percent, agriculture
also grew by 3.61 percent, industry on the other hand contracted by minus 6.81 percent and there’s also a significant contraction in the crude oil, petroleum and natural gas sector of 26.04 percent,’ she said.
Ahmed said rising inflation was responsible for the ad.
justment of the Monetary Policy Rate (MPR) to 13 percent at the last Monetary Policy Committee (MPC) meeting, in an attempt to manage the cost of inflation.
The council also approved contracts for the ministries of Petroleum Resources, Power and Police Affairs, with a total worth of about N23.52 billion.
Minister of State for Petroleum Resources, Timipre Sylva, said the council approved N3.81 billion for a switch-gear room for the Nigerian Oil and Gas Park in Bayelsa State for the local manufacture of components.
He noted that the Council also approved N11 billion for the construction of access roads and bridges to Brass Local Government Area of Bayelsa State.
Minister of Police Affairs, Mohammed Dingyadi, said the council approved a total of N8.32 billion for procurement of 82 Toyota operational vehicles for the Police Trust Fund at N2.2 billion, customised police raincoat for N1.9 billion, customised boots for N576 million, micro kits at N10 billion, curricular materials for police
colleges at N664 million and medical equipment for police health facilities for N2 billion.
Minister of Power, Abubakar Aliyu, said the council approved $968,818 (N402,204,792.70)
and N7,393,000 for (the off-shore and onshore components, respectively) of the supply and installation of 330kva and 132kva transmission line for ongoing rehabilitation works in Lagos.
He added that the council approved a variation on a subsisting contract for a substation in Katsina and a linebase in Kumbotso in Kano.
