President Bola Tinubu has taken decisive action to address the escalating cost of food in Nigeria by directing the Ministry of Agriculture and Food Security to release approximately 42,000 metric tons of maize, millet, and other essential commodities from strategic reserves.

The announcement was made by the Minister of Information and National Orientation, Mohammed Idris, following a meeting of the Presidential Committee on Emergency Food Intervention held on Thursday at the State House in Abuja.

In addition to the release of grains from strategic reserves, the Rice Millers Association of Nigeria has pledged to contribute around 60,000 metric tons of rice to the market, in a bid to alleviate the burden on consumers.

Idris emphasized that while domestic reserves would be tapped into, there is also a contingency plan to import grains if necessary, as an interim measure to stabilize prices and ensure food security.

The urgency of the situation was underscored by Speaker of the House of Representatives, Tajudeen Abbas, who acknowledged the challenges faced by Nigerians due to the rising cost of living. Abbas assured citizens that lawmakers empathize with their plight and are actively engaged in addressing the situation.

These reassurances come amidst mounting pressure on the government to alleviate the economic strain felt by Nigerians. Inflation rates soared to 28.92 percent in December, with food prices experiencing a staggering increase of 33.93 percent, according to the National Bureau of Statistics (NBS).

The depreciation of the naira against the US dollar has further exacerbated the situation. 

Following the abolition of a multi-tier exchange rate system and the liberalization of the local currency, the naira witnessed a rapid decline in value. 

Prior to the reforms, the naira traded at approximately 450 to the dollar. However, recent reports from the central bank indicate that the exchange rate has reached 1,400 naira to the greenback.