Maize and Rice for Millions: CBN Distributes Grains to Cushion Fuel Price Hike and Rising Inflation Effects

Ilesanmi AdekanbiJuly 24, 2023

2 minutes read

The Central Bank of Nigeria (CBN) has released grains to cushion the effect of the recent fuel price hike and rising inflation. The grains, which include maize and rice, will be distributed to over 50 million households in the country.

The CBN’s Director of Corporate Communications, Abdulmumin Isa, said that the distribution began on Monday, July 24th. He assured that everything had been put in place to ensure a smooth and effective distribution of the grains.

He said that the distribution was in line with the directive of President Bola Ahmed Tinubu, who had ordered the release of grains and fertilizer to over 50 million households in the country.

The president had given the order during the last National Economic Council meeting held on Thursday, 20th July. He had expressed concern over the hardship faced by Nigerians due to the removal of fuel subsidy and other economic policies.

Isa assured that the CBN had put everything in place to ensure a smooth and effective distribution of the grains, which include maize and rice. He said that the CBN was committed to driving food security in the country and supporting the agricultural sector.

“We’re part of the federal government’s arrangement. We’ve released some maize and rice from our strategic reserve as part of our drive for food security. The distribution will commence today as scheduled, and everything has been put in place to ensure it is carried out smoothly,” he said.

The CBN’s intervention is expected to provide some relief to Nigerians who have been grappling with high costs of living and food scarcity. Economists and financial experts have been calling for urgent interventions to address the economic challenges facing the country.

Though, the release of grains will help to stabilize food prices and make it easier for households to afford basic necessities.

The CBN’s decision to release grains is a good example of how the government can use its resources to help Nigerians. The release of grains will help to stabilize food prices and make it easier for households to afford basic necessities. This is a positive step by the government and it is something that Nigerians should be grateful for.

Here are some additional details about the CBN’s grain distribution program:

The program will be implemented in all 36 states of Nigeria and the Federal Capital Territory.
The grains will be distributed to households through a network of government and private sector partners.
The CBN has allocated a total of N10 billion for the grain distribution program.

The CBN’s grain distribution program is a significant step towards addressing the rising cost of living in Nigeria. The program will help to ensure that Nigerians have access to affordable food, and it will also help to stimulate the economy.