FG Faults Emefiele’s Naira Redesign Policy Over Food Crisis - The Top Society

FG Faults Emefiele’s Naira Redesign Policy Over Food Crisis

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The Minister of Agriculture and Food Security, Senator Abubakar Kyari, highlighted the central focus of the 2024 budgetary proposals — achieving food security in the country.
Kyari, in a recent presentation before the joint committee led by Senator Saliu Mustapha,
revealed that various factors, including insecurity and the naira redesign policy implemented a year ago by the former governor of the Central Bank of Nigeria, Godwin Emefiele, had significantly impacted farmers, posing a severe threat to food security.
Addressing the committee, Kyari stated, “The cash crunch caused by the naira redesign made most farmers sell their produce at giveaway prices for survival since buyers couldn’t access cash. The policy coincided with the harvest season, leaving farmers financially strained.”
The Federal Government, on Monday, affirmed that the naira redesign policy of the previous administration had pushed many farmers into bankruptcy. Lawmakers, including Dahiru Haruna and Ademorin Kuye, emphasized the urgent need to address hunger, predominantly fueled by insecurity.
Food
Haruna painted a grim picture of hunger in the North-East, calling for immediate action to prevent total famine, with neighboring countries already tapping into the limited food supply.

He highlighted, “Honourable minister, being from the North-East, the picture I am about to paint shouldn’t be strange to you at all. The pathetic picture of people dying of hunger on a daily basis while the majority of those surviving feed once a day calls for concern.

“Making it worrisome is the fact that even people from neighbouring countries like Chad, Niger, Benin Republic and Central Africa are trooping in to mop up the little food, signaling total famine in the area if not urgently addressed by stockpiling the silos.”

Related: “Obey court order on old naira note extension”-CBN Issues Directive to Banks

However, Ademorin expressed skepticism about stockpiling silos, citing the previous administration’s failures in this regard. Minister Kyari reassured lawmakers that all concerns raised would be decisively addressed in the 2024 fiscal year, emphasizing food security as a top priority in President Bola Tinubu’s eight-point agenda.
Kyari outlined steps taken to enhance food security, including certifying planting materials, reviewing fertilizer and pesticide delivery mechanisms, and expediting the National Agricultural Development Fund’s operations. He also mentioned collaboration with the Ministry of Water Resources to unlock irrigation potential for year-round food production.
Meanwhile, for the 2024 fiscal year, a total of N362.940bn has been allocated to the agriculture sector, with N124.1bn earmarked for the ministry, as revealed by Minister Kyari during the budget defense session.
As the government addresses the fallout from the naira redesign policy, the nation anticipates concrete measures to fortify the agricultural sector and ensure a robust foundation for food security in the coming year.
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